Stocks, peso hit new highs

December 4, 2012 11:00 pm 

By Joann Santiago

MANILA, Dec 4 — The local bourse climbed to the 5,700-level while the peso registered fresh 57th-month high against the dollar Tuesday as investors continue to note the strong growth of the domestic economy.

The composite index rose 0.59 percent, or 33.58 points, to its 34th record-high of 5,706.28 points for the year from the previous record of 5,672.70 points Monday.

Also, the broader all shares index went up by 0.42 percent, or 15.41 points, to the strongest level so far at 3,676.53 points from the previous high of 3,661.12 points a day ago.

All the sectoral counters posted gains, led by the property at 1.19 percent or 25.91 points to 2,206.95 points from day-ago’s 2,181.04 level.

Gainers led losers but at a close of 76 to 75 while 56 stocks remained unchanged.

Value turnover amounted to P7.93 billion after 2.99 billion shares changed hands.

Relatively, the peso closed to its strongest for the past 57 months at 40.87 against the dollar from Monday’s 40.88 finish.

“Investors continue to take note of the fundamentals of the Philippines as well as (central bank) Governor (Amando) Tetangco’s (Jr) statement to delay the cutting of rate and a possible cap on the NDFs (non-deliverable forwards),” the trader said.

The trader also said dollar supply in the country was way over the demand as overseas Filipinos sent in more money for the holidays.

“I think everything is rosy for the peso and the regional currencies as economic numbers are good,” the trader said.

The peso opened at 40.86 to a dollar, which the trader said, was the local unit’s support level, from the previous day’s 40.85.

It traded between 40.86 and 40.95, placing the average at 40.91.

Volume of trade amounted to US$ 752.35 million.

The local currency is expected to trade between 40.85 and 41-flat to a dollar Wednesday. (PNA)



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