Author Topic: Updates on Philippine Stock Market  (Read 417 times)

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Updates on Philippine Stock Market
« on: October 20, 2014, 10:06:41 AM »
PSEi 7,283.07 +3.29%MoM, +23.65% YTD

Stocks hit a new record this month amid volatile trading conditions
largely from external factors. The PSEi hit a new record high of
7,413.62 on 25 September. The PSEi started strong easily surpassing
the 7,300 mark in the first week of trading helped by follow-through
buying on TEL which continued to rise to a new record price of
P3,486. Profit-taking trimmed 176 pts from the index by mid-month
due to the lack of fresh catalysts to push the index higher. With the
US market wobbly and the BSP indicating fresh round of policy
actions, sentiment in the market soured further. But eager and
cash-rich investors quickly pounced on the correction as the index
approached the 7,150 minor support level. The index gained its
second-wind towards month end driven by exciting news on the
property and gaming sectors. MEG, SMPH and ALI zoomed
following a sector-boosting report that the GSIS property in
Bonifacio Global City was fetching a price of as much as P500
thousand per square meter. The gaming sector was in play again
as news of strong August gaming numbers added to the
excitement of the opening of City of Dreams in November.
Foreigners remained net buyers for the month albeit slower at
US$11 million versus the US$286 million in August.
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Updates on Philippine Stock Market
« on: October 20, 2014, 10:06:41 AM »

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