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Yahoo! Southeast Asia Newsroom
By Kim Arveen Patria | Yahoo! Southeast Asia Newsroom – Tue, Apr 30, 2013



AFP News - Traders work at the Philippine Stock Exchange in Manila. Asian markets mostly fell as fears about Spain's surging borrowing costs replaced the previous day's optimism over Greece's election, while G20 leaders struggled to soothe dealers' nerves.


The Philippine stock market is one of the "hottest" in the world so far this year, a CNN report said.

The local bourse was ranked as the fifth top-performing stock market globally, with CNN Money noting growth of 20 percent as of April 24.

The Philippine stock market was topped only by the of Kuwait, which grew by 23 percent; Argentina, 27 percent; United Arab Emirates, 28 percent; and Japan, 34 percent.

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The Philippines' growth amid a global slowdown has been attracting investors, CNN Money quoted Ashraf Laidi, chief global strategist at City Index in London, as saying.

"The economy doesn't depend on exports to China like many other countries in the region," Laid said further. "It's more tied to domestic consumption."

Malacanang has earlier welcomed the stock market's record performance as a "manifestation of continued confidence" in the Philippine economy.

"This is but one among many indicators of a resurgent Philippines," presidential spokesperson Edwin Lacierda said in a statement.

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