Update on Philippine Stock Market Performance

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By: Doris C. Dumlao
Philippine Daily Inquirer

Most local stocks rallied on Monday, lifting the main index back to 4,500 and closer to an all-time high, as investors loaded up on blue chips given rosier prospects for the rest of 2012.

The main-share Philippine Stock Exchange index gained 58.24 points, or around 1.3 percent, to finish at 4,541.60.  Shrugging off the anemic week opening of some other markets in the region, the local stock barometer is now nearing its record-high close of 4,550 on Aug. 1, 2011.

“The beauty of the Philippines is shining through,” said Manny Lisbona, deputy chief of PNB Securities. “The market’s strong performance so far is evidence of growing optimism in Philippine fundamentals as well as that for emerging markets in general.”