Stock index breaks 4,300-level, hits new high

abs-cbnNEWS.com

Posted at 11/02/2010

MANILA, Philippines - Stocks rose to a new all-time high on Tuesday, with the main index breaching the 4,300 level.

Investor optimism on strong corporate financial results continued to lift the market, traders said.

All eyes were also on a crucial meeting of the US Federal Reserve, which is expected to implement "quantitative easing" to hasten recovery of the world's largest economy.

The benchmark Philippine Stock Exchange index surged 73 points or 1.71% to 4,341.74.

The broader all-share index rose 34.13 points or 1.25% to 2,760.02.

All subindices were in green, led by the holding firm sector, which jumped 2.8%.

Gainers outnumbered losers, 86 to 49, while 34 issues were unchanged.

A total of 1.99 billion shares worth P5.97 billion were traded.

“The market’s pace and depth is setting the tone for favorable capital raising activities in the stock market,” PSE President and Chief Executive Officer Val Antonio Suarez said.