Philippine stocks reach new all-time high
I’m borrowing this piece from Monsters and Critics, but I’ve read this all over the news today.
Philippine share prices surged 2.13 per cent on Monday as the index set a new record high due to bullish sentiments on the country’s economy.
The 30-share composite index of the Philippine Stock Exchange gained 75.59 points to finish at 3,622.94 points from Friday’s close of 3,547.35.
Analysts attributed the bullishness of the local bourse to the good first quarter economic growth and the continous strengthening of the local currency.
“Bullish sentiments”… Oh, I am so hoping that the Philippines is at the doorstep of a better economy. The Associated Press (Forbes) attributes this to blue chips investing and movement of money out of China. Companies who profited are Ayala Land, Megaworld, PLDT and several national banks.
Tags: philippine economy, investments, stocks
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