Philippine Stock market outlook feb 21 2012

Philippine Stock market outlook feb 21 2012 : Philippine Stock market today closed at a new high for the second consecutive trading day on Monday, topping the 4,900 mark as investor sentiment was buoyed by policy easing in China over the weekend and anticipation of a bailout deal for Greece.

The Philippine Stock Exchange index (PSEi) added 1.29% or 63.13 points to close at 4,943.84, a new record finish, while the broader all-share index edged up 0.98% or 32.09 points to 3,316.40.

The market’s rally close to the critical 5,000 level can be seen as a vote of confidence by investors on the positive direction of the global economy, investors are anticipating improved earnings results from our listed companies in the coming weeks, coupled with rosy expectations of another banner year in 2012.

For today Monday, the market was boosted beyond the 4,900 line as expectations for the Feb. 20 second bailout approval for Greece supported local barometers, as well as anticipation for better-than-expected corporate earnings growth this week which might continue to aid select stocks such as financials, property and holdings.

Domestic share turnover on Monday totaled P10.58 billion versus P8.29 billion last Friday. Advancers outnumbered decliners 105 to 63, while 41 stocks were unchanged.

Most sectoral indices ended higher, led by property that surged 4.40% or 79.90 points to 1,896.52; mining and oil, 2.69% or 677.18 points to 25,836.87; financials, 2.54% or 29.48 points to 1,191.05; holding firms, 0.98% or 38.24 points to 3,925.41; and industrial, 0.18% or 12.93 points to 7,262.42.

Services, however, lost 0.90% or 16.32 points to 1,789.17.

Property and banking stocks led market gains yesterday, Elizabeth S. Abadillo, analyst of brokerage Angping & Associates Securities, Inc., said in a text message yesterday.

Among others, BDO Unibank, Inc. surged 5.36% or P3.45 to P67.75 each, Metropolitan Bank & Trust Co. gained 3.53% or P2.90 to close at P85 apiece, while Ayala Land, Inc. rose 4.88% or P1 to P21.50.

For Tuesday, the local market is still expected to take its cue from developments in Europe.

“Attention will be focused on Europe as the region’s [finance] leaders meet today [Monday] in an attempt to tie up issues hindering the release of a €130-billion bailout, the second for troubled Athens

we expects lighter trading tomorrow Tuesday in light of celebration of Presidents Day in the US. Investor encouragement might come from the last-minute approval of the Greek bailout

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