PSEi breaks 6,600 level, hits 18th record
MANILA, Philippines (2nd UPDATE) - Philippine stocks did it again.
On mid-trade Tuesday, February 19, the main index of the Philippine Stock Exchange (PSEi) broke the 6,600 level for the first time.
It hit an intraday peak of 6,632.56 before settling at 6,620.72 by end of trading.
This is the 18th record high for 2013 and reflects an 0.85% or 55-point increase from Monday's close of 6,565.23, which was itself record-setting as the year's 17th all-time high.
Bloomberg noted that PSEi has climbed 13% this 2013, bringing gains since October 2008 to 285%, at least 124 percentage points more than every other bull market in emerging and developed nations.
Volume turnover reached 2.34 billion shares valued at P10.25 billion. Foreign buying reached P4.74 billion and foreign selling at P4.02 billion.
All sectors were up except for mining stocks. The day before, the country's biggest gold producer, Philex Mining Corp., paid in full and in cash the P1.034 billion fine the government slapped it following a mine leak in August 2012. - Rappler.com