MANILA (Mindanao Examiner / Oct. 3, 2012) – The Philippine Stock Exchange said the country’s strong strong macroeconomic fundamentals and optimistic outlook on the economy has resulted in new index record level. It hit a new record close of 5,375.52 points on Wednesday.
Government media said the record was up 26.84 points or 0.50 percent from the previous day’s 5,348.68 points. It breached last July 5’s record close of 5,369.98.
To date, the main index has registered 22 times high, according to the Philippine News Agency. It also quoted a statement by PSE Chairman Jose Pardo as saying: “The upbeat outlook of the economy, including the Asian Development Bank’s assessment in its recent report, affirms confidence in the Philippine market, pushing the main index to yet another unprecedented level.”
Earlier in the day, the Manila-based Asian Development Bank revised upwards its growth forecast for the domestic economy this year to 5.5 percent from 4.8 percent previously after a strong 6.1 percent expansion in the first half of this year.
PSE President and Chief Executive Officer Hans Sicat said the local bourse “continues to benefit from stable macroeconomic fundamentals which have augured well for businesses in the country.”
“Such growth expectations should further keep the Philippine stock market in the radar of global investors,” he said.
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