Philippine stock market closed to its highest july 4 2011

Indonesia stock info - Philippine stock market closed to its highest july 4 2011 ; The Philippine stock market closed to its highest level in almost seven months propelled by renewed optimism on the recovery of the global economy.

The bellwether Philippine Stock Exchange index (PSEi) jumped by 1.61 percent or 69.93 points to finish at 4,421.56, while the broader all-share index rose by 1.14 percent or 34.66 points to 3, 069.23.

Trading volume reached 2.11 billion shares worth 7.29 billion pesos (168.75 million U.S. dollars) with 101 stocks advancing, 33 declining, and 37 unchanged.

All six counters closed higher, led by the property sector which jumped by 2.31 percent or 35.31 points to 1,561.42.

"Investors in the local market were on a frantic buying mode as the rally extends to its third straight day on the back of renewed confidence about the prospect of global economic growth," DBP- Daiwa Securities, Inc. said in its daily stock market comment.

Monday's rally set a new record high for the PSEi. The last time the local stock market touched the level was in November 2010 when it closed at 4,397.30.

Foreign investors continued to be net buyers at 619 million pesos (14.33 million dollars) and equities abroad also seemed to be in the rally mode.

"U.S. and Asian markets appeared to have received a boost from good news at the end of last week, particularly a possible resolution of the Greece debt problem and strong economic data from the U.S.," PSE President and Chief Executive Officer Hans Sicat said in a statement.

While trading appeared to be mixed in the second quarter, it quickly picked up during the last week of June due to a string of "investor confidence-boosting" news, among which was Philippines' recent ratings upgrade from international ratings agencies.

After the recent easing of commodity prices in the global market, DBP-Daiwa Securities said, investors seemed to be less bearish of the possible effect of acceleration in inflation on Philippines' corporate profits as it strives to sustain a robust gross domestic product (GDP) growth.

"Our local economy remains on a fundamentally sound footing and we are optimistic that the market will continue to test new highs as we head to the second half of 2011," said Sicat.

All stocks in the 30-company index closed higher. The most actively traded were heavyweight Philippine Long Distance Telephone Co. (PLDT), Metropolitan Bank and Trust Co., Alliance Global Group, Inc. and San Miguel Corp.

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