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Philippine stocks recover in line with U.S., Asia rally

English.news.cn   2013-02-13 18:29:55            

MANILA, Feb. 13 (Xinhua) -- The Philippine stock market ended its lackluster performance and surged to a new high on Wednesday after the U.S. equities rallied back to the 14,000 level.

The bellwether Philippine Stock Exchange index jumped by 1.05 percent or 68.06 points and pierced the 6,500 level as it settled at 6,527.99. The broader all-share index gained 0.70 percent or 28. 64 points to 4,094.18.

Trading volume reached 2.15 billion shares worth 7.78 billion pesos (191.41 million U.S. dollars) with 112 stocks advancing, 52 declining, and 50 unchanged.

All six counters were up.

"Expectations of stronger economic growth have continued to spur investor interest in the equities markets. We are optimistic that such growth will continue to redound to corporate earnings and sustain the market's hike to new levels," PSE President and Chief Executive Officer Hans B. Sicat said.

The Dow Jones industrial average index ended Tuesday's session at 14,018.70, while the rest of Asia were mostly up.

Jaime Jose Del Puerto, managing partner at Del Puerto Capital Partners, said in an interview that investors paid special attention to consumer-related stocks in anticipation of the upcoming elections.

Local supermarket chain Puregold Price Club, Inc. was the most actively traded issue, while homegrown fast food giant Jollibee Foods Corp. was up by 0.91 percent.

Other issues in the 30-company index that went up include SM Investments Corp., Jollibee Foods Corp., and Ayala Land, Inc.

In other news, Metro Pacific Investments Corp. Chairman Manuel V. Pangilinan said in a briefing his company has joined forces with conglomerate JG Summit to implement the 16 billion pesos (393. 06 million U.S. dollars) project that will transform the Mactan Cebu International Airport in central Philippines into a premier gateway.

Under that agreement, JG Summit was limited to owning no more than 30 percent of the special purpose vehicle that will be created should the partners win the public bidding process. This was because JG Summit has interest in Cebu Pacific Airlines as its fully-owned subsidiary.

The original bidding rule prospectively excluded airline operators from participating in the bidding process, a regulatory stricture that Transportation Secretary Joseph Emilio Abaya would later relax and finally allow airline operators to participate.

Editor: An
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