Philippine stocks hit new high

The Philippine stock market rallied along with the rest of Asian equities, closing to a new high on Wednesday. The bellwether Philippine Stock Exchange index (PSEi) gained 0. 15 percent or 8.89 points to 5,832.83. The broader all-share index rose by 0.27 percent or 9.83 points to 3.710.33. Trading volume was thin, reaching only 1.08 billion shares worth 3.49 billion pesos (84.81 million U.S. dollars) with 92 stocks advancing, 60 declining, and 51 were unchanged. All six counters were up. \"The PSEi reached a new high as it advanced along with most Asian markets,\" DBP-Daiwa Securities, Inc. said in its daily stock market comment. Almost all Asian stocks ended Wednesday\'s trading positively after Japan\'s new prime minister, Shinzo Abe, prepares to take the leadership. Abe has already instructed the Bank of Japan to raise its inflation target to 2 percent and restore economic activity in the country. Meanwhile, PSE President and Chief Executive Officer Hans B. Sicat attributed Wednesday\'s gain to the positive economic developments which the country has been experiencing recently. \"The recent slew of good news triggered by the economy\'s stellar performance and Standard and Poor\'s recent credit outlook upgrade has resulted in a continued post-Christmas rally,\" Sicat said. Year-to-date, the PSEi has broken new record highs for a total of 38 times. Stocks in the 30-company index closed mixed. While shares of Metropolitan Bank and Trust Co. and the BDO Unibank, Inc. were picked up, investors dumped Ayala Land, Inc. and Ayala Corp. shares.