PSEi logs 17th all-time high for the year

Positive corporate developments drove Philippine stocks to a new all-time high on Monday. The PSEi was up 43.59 points or 0.67 percent to 6,565.23. Monday's close was the PSEi's 17th record for the year, eclipsing the 6,527.99 posted last Wednesday. Intraday, the PSEi hit another record level at 6,582.51, beating the 6,531.79 also reached last Wednesday. The broader all-shares index rose 0.45 percent to 4,119.95. Most indices were in the positive territory, except for mining and oil which dipped by 0.21 percent. The rally was led by the property and financial sectors, up by 1.26 percent and 1.09 percent, respectively. Gainers edged losers 97 to 86, while 41 issues were unchanged. Over 2.4 billion shares valued at P8.86 billion were traded.   "Corporate developments provided positive sentiment to the market today," Manny Cruz, Asiasec Equities Inc. market strategist, said. Ayala Land Inc. confirmed it has secured a license to sell lots in the former state-owned Food Terminal Inc. property in Taguig City, with commercial lots worth P155,000 per square meter already on reserved for buyers. "This has pushed ALI's net asset valuation, and pushed property counters like MEG [Megaworld Corporation] and CPG [Century Properties Group Inc.]," Cruz noted. SM Prime Holdings Inc. and related companies also drove the PSEi up, he said. On Monday, mall operator SM Prime reported that its 2012 earnings rose 16 percent to P10.53 billion. SM Prime stocks climbed 3.17 percent, while SM Investments Corporation and SM Development Corporation climbed 1.01 percent and  11.18 percent, respectively. Cruz noted the PSEi is targeting to break the  6,750 resistance level, with the immediate support at 6,535. — VS, GMA News