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(UPDATE as of 6:34 p.m.) MANILA, Philippines – Philippine share prices on Wednesday climbed to a fresh record, as positive earnings reports buoyed investor confidence.
The Philippine Stock Exchange composite index (PSEi) rose 35.24 points to end at a new record high of 5,204.84, surpassing the April 18 record of 5,186.20.
Gainers outnumbered losers, 104 to 69, while 40 stocks were unchanged. Trading value reached P8.71 billion, as 8.86 billion stocks changed hands. Only the industrial and property sub-indices finished in the red.
The PSEi has risen 19.1 percent so far this year.
Erwin Balita, research head at SB Equities Inc., said the positive earnings reports by local firms gave investors reason to go on a buying spree.
Also giving a boost to market trading was a report on Philex Petroleum Corp.’s Service Contract 72 in Recto Bank, he said. Philex Petroleum surged 50 percent to a new one-year high of P24.30 a share from Tuesday’s closing price of P16.20.
Jun Calaycay of Accord Capital Equities Corp. said the bias for the PSEi would remain positive if investors would focus more on the domestic fundamentals rather than economic developments abroad.
"Today is yet another proof of this proposition. The dip in the last couple of sessions borrowed from rising external risks, Europe at the core, aggravated by US data," he said.
"We believe that heading into the final leg of the earnings reporting season, the 5,200 level can be, and will most probably be, sustained. We are well on track to reaching our projected 2012 index-level of between 5,600-5,800," he added.
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