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PSEi retakes 7,200 level in 29th record close

May 10, 2013 5:53pm
(Updated 6:46)  Philippine shares sustained an uptrend on Friday, ending trades back at the 7,200 level on a slew of positive news from blue chip companies that pushed the market to its 29th record close for the year.

The benchmark PSEi was up 67.95 points or 0.94 percent to 7,262.38. The broader all-shares index rose 0.79 percent to 4,517.42. Gainers beat decliners 92 to 72, while 48 stocks were unchanged.

PSEi eclipsed its previous record of 7,215.35 on May 3.

The record close came despite expectations that investors will play it safe and pocket gains ahead of the long weekend leading to the May 13 polls on Monday.

More than 3.014 billion shares valued at P7.524 billion were traded. All sub-sectors ended the week in the green, except for mining and oil.

PAPA Securities Corp. analyst Krizia Syquiatco said the bellwether index was buoyed by corporate news. “Well, its driven by market specific news and earnings,” she said.

Syquiatco noted the Andrew Tan-led Alliance Global Inc. was the top gainer. “It raked in hefty gains after it said that it will list its gaming arm,”  she said.

On Friday, Travellers International Hotel Group Inc.—joint venture between Alliance Global and  Genting Hong Kong Ltd.—filed a registration statement with  the Philippine Stock Exchange for a potential public offering.

Reuters reported that deal could raise up to $854 million from an initial public offering.

Follow-on buying in blue chip stocks which reported good earnings this week also boosted the PSEi, said Syquiatco.

Gregg Ilag, analyst at AB Capital Securities Inc., said investors bought into the market as they remain positive about macroeconomic fundamentals

“Data this week show that the country is still at a bright spot. Inflation [last month] was at its slowest [this year],” he said.

Inflation settled at a 13-month low of 2.6 percent in April, the government reported on Tuesday.



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