PSEi posts new record close

Posted at 12/26/12 6:08 PM

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) closed at a new record high 5,832.83, following the long Christmas weekend. 

The PSEi finished up by 8.89 points, surpassing the December 11 record close at 5,831.50. This year alone, the PSEi has broken through new record highs 38 times. 

"The recent slew of good news triggered by the economy’s stellar performance and S&P’s recent credit outlook upgrade has resulted in a continued post-Christmas rally," PSE President and Chief Executive Officer Hans B. Sicat said.

Most shares were up for a fifth straight day despite the thin holiday trade.

The most actively-traded stocks are Ayala Land and its parent company Ayala Corp., Metrobank, Banco de Oro and SM Prime Holdings.

Meanwhile, at the foreign exchange market, the peso ended at P41.16 against the dollar, compared to last week's close to P41.07.

Traders expect the peso to remain strong next year, even breaking the P39 to $1 level due to strong economic growth numbers and an expected credit rating upgrade. - ANC