PH Stocks Regain Foothold at 6700 Level, Hit New High

PHStocks 28/02/2013 1 Comment 7-11, ARA, Araneta, Araneta Properties, BDO, BDO Unibank, BEL, Belle, CAT, Central Azucarera de Tarlac, CHIPS, Cirtek Holdings, DFNN, Forum Pacific, FPI, GEO, GEOGRACE, GEOGRACE Resources, iRipple, JOH, Jolliville, Lorenzo Shipping, LSC, Luisita, Makati Finance, Manchester, MFIN, MIH, OM, Omico, Philippine Seven, Philippine Stock Exchange, philippine stock news, Philippine stocks news 2013, PSE, PSE Index, PSEi, PSEi news, REG, Republic Glass, RPL, SEVN, SGI, SM, SM Development, SM Investments, SMDC, SMIC, Solid Group, Vivant, VVT, Zeus Holdings, ZHI

Manila—(PHStocks)—Philippine stocks skyrocketed to new highs on Thursday, February 28, after two successive days of declines. The Philippine Stock Exchange index (PSEi) recovered its losses and, buoyed by the surge by BDO Unibank Inc. (PSE: BDO) and SM Investments Corporation (SMIC, PSE: SM) , regained its foothold in the 6,700 level and closed today’s trading at new record high 6,721.45, up by 1.59% or 105.18pts.

All counters were up as well, led by the Financials index, which recouped its losses yesterday to grow by 1.8% today. The Mining and Oil sector continued its recovery from the previous week’s sell-offs, posting a 1.73% gain today, while the Property segment went up by 1.54%. The wider All-Shares index, meanwhile, grew by 1.19%.

One of the biggest news today is the announcement that SM Development Corporation (PSE: SMDC), which was on a rally during the past week or two before succumbing to profit taking in the past two days, will be taken off the blue-chip index, and will be replaced by Bloomberry Resorts Corp. (PSE: BLOOM). That triggered a sell-off for the stock, which is now down by 4.78% to PhP8.57.

Trading was particularly heavy for the last day of the month, with value turnover reaching nearly PhP18.52 billion on shares volume of 5.265 billion. There were 94 gainers against 72 losers, while 46 shares remained flat.

Below are today’s biggest gainers: