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| English: Philippine President Benigno S. Aquino III (2010-present) (Photo credit: Wikipedia) |
Financial IQ Philippines Quick Hit(s):
A lot of people are still optimistic with the Philippine Stock Market as it surged over 6,500 points for the first time in our history. Relative to other countries, valuations are high.. so please take some precautions.
The local stock index closed above 6,500 for the first time on Wednesday as cash-awashed investors chased yields and bet on the country’s good macroeconomic prospects.
The Philippine Stock Exchange index surged by 68.06 points or 1.05 percent to finish at 6,527.99.
“Everyone is in love with the Philippine market,” said Astro del Castillo, managing director at investment management firm First Grade Finance Inc.
“The PSEi almost seems impervious to market corrections. The formidable macro backdrop, highlighted by the BSP (Bangko Sentral ng Pilipinas) in its economic briefing (Wednesday morning), is likely to keep valuations elevated longer than so far assumed,” said Mark Angeles, head of research at First Metro Securities.
Stock dealers said this continued to be a liquidity-driven rally as investors continued to gobble up stocks in a low-interest rate environment. This is amid rosy prospects for corporate Philippines as well as the macroeconomic backdrop this 2013.
This run-up fulfilled albeit a few days late the birthday wish expressed by President Benigno Aquino III during his Switzerland visit: that the PSEi hits 6,500 by his birthday (Feb. 8).
Firmer overseas markets also supported risk-taking at the local market even as many Asian investors were still on holiday due to the Lunar Year turnover break.
http://business.inquirer.net/107457/philippine-stocks-breach-6500-for-first-time-in-history
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