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PSE index hits 23rd all-time high, breaches 5,400

Rappler.com

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The Philippine Stock Exchange index (PSEi), a barometer of investor confidence, reached its 23rd all-time high this 2012 on Thursday, October 4

MANILA, Philippines (2nd UPDATE) – Stocks rose anew on Thursday, October 4, surging to a fresh all-time high, due to positive news at home and abroad.

The key Philippine Stock Exchange index (PSEi) closed at 5,443.74, up 1.27% from Wednesday’s close of 5,375.52.

This marked the 23rd time the PSEi hit a record high in 2012.

The broader all-share index also rose 0.82% to 3,586.11.

All sectoral indices ended in positive territory, led by holding firms, which jumped 2.38% to 4,670.08. 

PSE President and CEO Hans Sicat said investors were encouraged by better-than-expected US jobs and service industries data that reflected a more upbeat outlook on the global economy.

“The favorable developments abroad have helped push the momentum of the market further to new highs,” Sicat said.

The Palace welcomed the stock market’s uptrend, attributing it to continued investor confidence in the Philippine economy.

This latest record-breaker is proof positive of confidence in the vibrancy and dynamism not only of our local bourse, but in the Philippines as an investment destination and a growing market. This bullishness in our stock market is in marked contrast to the uncertainty in other markets,” Presidential Spokesperson Edwin Lacierda said in a press statement.

In a briefing in Malacañang, Lacierda also expressed optimism that the economy would further expand as “we expect greater infrastructure spending toward the end of the year.”

“And also our tourism, BPO (business process outsourcing) and growth sectors continue to improve,” he added.

On Wednesday, October 3, the Asian Development Bank raised its growth forecast for the Philippines to 5.5% from an original estimate or 4.8%.

The multilateral lender’s revised projection is within the government’s official target range of 5% to 6%. – Rappler.com

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