Here as a news excerpt from http://www.gmanetwork.com
Philippine stocks close at 5,016, an all-time high
(Updated 4:57 p.m.) The Philippine Stock Exchange index closed at an all-time high Friday, breaching the elusive 5,000 mark to close up 77.69 points at 5,016.30 on P7.08-B value turnover.All economic conditions, domestic and overseas, have contributed for the market to reach this historic level, said Summit Securities Inc. president Harry Liu.Positive developments in the Philippines, the US and even in Europe have all been factored in by the market, said Liu.There are no reasons any more — technical and fundamental — at this point going against the market, Liu added.On the domestic front, “What happened was a delayed reaction to the interest rate cut by Bangko Sentral, said trader Justino Calaycay Jr.Overall, the developments in the US, Europe and the interest rate cut in the Philippines “will invite more investors” into the market, Calaycay noted.The Bangko Sentral ng Pilipinas (BSP) lowered its policy rates anew by 25 basis points on Thursday. BSP Gov. Amando Tetangco Jr. said the policy-setting Monetary Board basically sees inflation remaining manageable this year.The decision brought the overnight borrowing rate to 4 percent and the overnight lending rate to 6 percent — key rate levels unseen since July 2009.
'Digesting' the interest rate cut“There was a strong market anticipation for this rate cut… It’s just that the market is only now digesting it,” Calaycay noted.More than 3.150 billion shares valued at P7.112 billion were traded during the morning and afternoon sessions Friday, according to the PSE Market Information.Winners led losers 96 to 66, with 38 issues closing unchanged.Other markets in the region also fared better from recently released US economic data and developments surrounding the euro debt crisis.“Asian shares and the euro inched up on Friday after a flood of cheap European Central Bank funds this week eased fears of a meltdown in the euro zone financial sector, overriding some weak data and concerns about surging oil prices,” Reuters reported.The MSCI Asia Pacific ex-Japan rose 0.4 percent, but stayed below a seven-month high touched on Wednesday. The index was set to add nearly 1 percent for the week. Japan's Nikkei was up 0.5 percent, but pared some early gains on profit-taking, it added.(Click here to read the whole article)