PSE main index hits 24th record high
MANILA, Philippines - The Philippine Stock Exchange's (PSE) main index -- an investors vote of confidence in the future prospects of the Philippines -- hit its 24th record high for 2012.
On Monday, November 5, the PSE index (PSEi) closed at a fresh all-time high at 5,457.82, after it hit an intra-day high of 5,483.93.
This beats the previous all-time high finish of 5,443.74 last October 4.
"Valuations of our listed companies remain attractive in anticipation of the release of third quarter earnings results," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
"This optimism has given us support to go against the downward trend in Asia, not to mention the extra push provided by the residual market demand left over from the recent long weekend," he added.
The broader all-share index also rose 0.61% to 3,584.17.
At the foreign exchange market, the peso closed at P41.24 against the dollar. - Rappler.com