Market continues bull run, hits new record high
PhilstarPhilstar – November 7, 2012
MANILA, Philippines - Local stocks hit a new record high for the second straight trading session yesterday and for the 25th time this year.
Analysts said the market was buoyed by benign inflation and upbeat news on third quarter corporate earnings.
The Philippine Stock Exchange index (PSEi), a basket of 30 stocks regarded as the benchmark of the market’s overall performance, advanced by another 0.29 percent or 15.79 points to settle at 5,473.61 from 5,457.82 a day ago.
The broader all-shares index gained 0.32 percent of 11.30 points to end at 3,595.47.
“The inflation report, economic news and corporate news basically continue to give investor confidence,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview.
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