PSEi surges to new all-time high
MANILA, Philippines (2nd UPDATE) – Stocks touched their 17th all-time high for 2013 on Monday, February 18, as more companies reported higher earnings.
The Philippine Stock Exchange index rose 43.9 points or 0.67% to 6,565.23 from Friday’s (February 15) close of 6,521.64. It hit an intraday peak of 6,582.51 and surpassed the record-high close of 6,527.99 on February 13.
The broader all-share index climbed 18.51 points or 0.45% at 4,119.95.
Public firms, among them. Ayala Land Inc., Jollibee Foods Corp., and SM Prime Holdings Inc., began filing their 2012 financial reports last week.
Property developer Ayala said its 2012 net income touched a record P9.04 billion, 27% more than what it recorded in 2011, thanks to strong residential sales and controlled expenses.
Earnings of homegrown fast food giant Jollibee also jumped 15% as high sales offset losses from the closure of some stores overseas.
Mall operator SM Prime Holdings Inc. of the country's richest man Henry Sy also reported its net income rose 16%, driven by rental income here and abroad. – Rappler.com