Aquino rings PSE bell to mark historic climb of stock market

To mark the historic climb of the stock market, President Benigno Simeon Aquino III on Tuesday led the traditional ringing of the Philippine Stock Exchange’s (PSE) opening bell. With the President were Finance Secretary Cesar Purisima and PSE chairman Jose Pardo. On March 2, PSE index (PSEi) finally breached the 5,000-point closing level when it ended at 5,016.30 points.   This record-high close marked the 10th time an all-time high was set in 2012.   On March 5, the PSEi rose to a fresh all-time high, closing at  5,030.58, higher by 14.28 points (or 0.3  percent) than the previous day.   On a year-to-date basis, the PSEi gained 15.1  percent. Meanwhile, foreign net buying as of March 5 stood at P 24.29 billion, or 388.9 percent higher than the P8.41 billion net selling in  the same period in 2011. On the other hand, the total market capitalization as of March 5 was at P 9.46 trillion, higher by 6.6 percent from the P 8.88 trillion level in the same period last year.   The total value turnover as of March 5 reached P 352.61 billion, 69.1 percent higher than the P208.53  billion registered in 2011. “Even with China announcing a lower growth target for 2012 and other markets declining, it’s refreshing to see our market buck the downward trend and sustain its level above the 5,000 mark," PSE President and Chief Executive Officer Hans Sicat earlier said. "Our investors continue to trust the potential of Philippines, Inc., and this should go a long way in helping us continue this remarkable rally,” he added. - VVP, GMA News