SE Asia Stocks: Philippine hits new all-time high
BANGKOK, May 3 – Philippine stocks hit an all-time high today spurred by optimism over the economy and strong earnings outlook of a consumer conglomerate.
But markets elsewhere in Southeast Asia posted modest gains because of concerns over the strength of global growth.
The Philippine main index ended up 1.37 per cent at 5,300.41. Shares in food-to-property firm Alliance Global Group Inc were among actively traded, gaining 3.1 per cent.
“I think the market optimism was about the first quarter GDP growth which market is expecting the figure to be higher than consensus,” said a Manila-based trader.
“Consumer conglomerate earnings are standing out and there’s a good buying interest in the sector today,” he said.
According to Thomson Reuters data, the Manila bourse had steady foreign inflows so far this week, taking in US$230 million (RM698.05 million) yesterday when the main stock index also finished at a record closing high. – Reuters