Stock News 2013: PSEi soars past 5,900

English: Barack Obama delivers a speech at the University of Southern California (Video of the speech) (Photo credit: Wikipedia)

STOCKS surged to a new all-time high at the close of Thursday’s trades, piercing through the 5,900 barrier for the first time as investors stayed bullish after US President Barack Obama signed legislation formally ending the so-called “fiscal cliff” crisis that would have meant tax hikes and spending cuts feared to spark another recession.

The Philippine Stock Exchange index (PSEi) rallied by 73.06 points or 1.25% to close at 5,934.05, its second all-time high for the year in as many days. The broader all-share index climbed by 36.09 points or 0.97% to 3,762.88.

The PSEi last peaked on Wednesday, the first trading day of the year, when it advanced by 48.26 points or 0.83% to close at 5,860.99 on the back of news that US solons finally green-lighted a bill ending protracted fiscal cliff talks.

“The market [yesterday] ended up by around 73 points, another all-time high, as Asian and US markets went up again [the previous] night. Market sentiment was also positive ahead of expected corporate spending in the first quarter,” said Elizabeth S. Abadillo, analyst at brokerage Angping & Associates Securities, Inc., in a text message yesterday.

http://www.bworldonline.com/content.php?section=StockMarket&title=PSEi-soars-past-5,900&id=63721

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Stock News 2013: EastWest doubles branch network in 2012

Visayas, Philippines (Photo credit: Andy*Enero)

Gotianun-led East West Banking Corp. doubled its branches to 245 last year from 122 in 2011 amid aggressive expansion efforts, the bank said in a disclosure Wednesday.

The bank opened 123 new stores in 2012 in various locations in Metro Manila, Luzon, Visayas and Mindanao.

"EastWest's commitment to its shareholders was to open new stores around the country at a rapid pace, which it has fervently pursued," the bank said.

"The bank plans to continue with its store expansion and grow its network to at least 350 by 2014."

EastWest saw its net income grow by 12% to P1.36 billion in the nine months to September last year from the same period in 2011, buoyed by trading gains and profits from lending.

http://www.abs-cbnnews.com/business/01/02/13/eastwest-doubles-branch-network-2012

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Stock News 2012: SMDC profits hit P2.7 billion in H1

SM Mall of Asia (Photo credit: MikeVC)
Profits of listed SM Development Corp. jumped by 38 percent to P2.7 billion in the first half of the year, a disclosure to the Philippine Stock Exchange showed Wednesday.

The developer reported an 85-percent surge in home sales  in the period or P19.8 billion in sales. The number of units sold, on the other hand, grew by 72 percent to 8,007 from the 4,655 it posted the previous year.

"SMDC’s residential condominiums are being designed and developed to cater to the Filipino’s growing need for privacy, sophistication, and greater access to retail and home-related services which offer greater convenience and time for families to live a more balanced life,” said Henry Sy Jr, SMDC vice chairman, said.

http://www.philstar.com/Article.aspx?articleId=833587&publicationSubCategoryId=200

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