By Leslie D. Venzon
Philippine stocks snapped the two-day slump, surging to a new all-time high past the 6,500 level on Wednesday, as investors cheered good economic prospects and the Philippines getting closer to achieving investment grade status.
The bellwether Philippine Stock Exchange index (PSEi) advanced 68.06 points to 6,527.99 from Tuesday's 6,459.93.
The broader All Shares index rose 28.64 points to 4,094.18.
Government economic managers on Wednesday expressed optimism that the country has a good chance of attaining investment grade status owing to an impressive economic growth backed by the administration's firm commitment to good governance.
An economic growth target of 6 to 7 percent this year is also "very doable", according to the country's planning agency.
"The (economic) prospects coming from the government helped push the market higher. (These are) signalling the growth momentum is still on the upbeat," said Jonathan Ravelas, chief market strategist at Banco de Oro.
PSE president and chief executive officer Hans B. Sicat said that the local stock market closed today on a high note along with other Asian markets.
"Expectations of stronger economic growth have continued to spur investor interest in the equities market. We are optimistic that such growth will continue to rebound to corporate earnings and sustain the market's hike to new levels," he said.
All counters were in positive territory, led mainly by property rising 2.36 percent to 2,649.68; and financials increasing 1.46 percent to 1,718.36.
The sub-indices of services, industrial, holding firms and mining and oil advanced moderately 0.74 percent to 0.31 percent.
Total volume of trade reached 2.2 billion shares worth P8.28 billion.
The market was healthy with advancing issues dominating the declining ones, 112 to 52, while 50 stocks were unchanged.