Bourse hits new high on aggressive buying

MANILA, Philippines (Xinhua) - Investors remained aggressive in buying local stocks, allowing the stock market to record a new high today.

The bellwether Philippine stock exchange index rose by 0.67 percent, or 43.59 points, to 6,565.23, while the broader all-share index gained 0.45 percent, or 18.51 points, to 4,119.95.

Trading volume reached 2.4 billion shares worth P8.86 billion ($218.29 million) with 97 stocks advancing, 86 declining, and 41 were unchanged.

Of the six counters, only the mining and oil sectors bucked the trend.

"After a better-than-targeted performance last year, the economy is expected to sustain the growth momentum this year aided by increased consumer spending and the roll-out of a long-delayed Private Public Partnership-driven infrastructure program," said analyst Justino Calaycay of Accord Capital Equities Corp..

The Philippine government earlier said that it expects the country's economy to grow by 6 to 7 percent in 2013. Philippine economy grew by 6.6 percent last year due to the good performance of the services sector and an increase in government spending for public infrastructure.

However, concerns overseas remain a major factor for investors. The local equities, after touching a new intra-day high of 6,582. 51, trimmed down its gains towards the end of the trading session.

Calaycay said fresh numbers showing Japan in a third straight quarter of contraction and Europe moving deeper into recession dampened the optimism of some investors.

Most stocks in the 30-company index were mostly up. These issues include Jollibee Foods Corp., Megaworld Corp., and heavyweight Philippine Long Distance Telephone Co.