Philippine stocks hit new high on Friday

The Philippine stock market climbed to a new high on Friday as it rallies along with the rest of Asian equities. The bellwether Philippine Stock Exchange index surged by 0.94 percent or 67.95 points, and closed at 7,262.38. After reclaiming the 7,200 level, the local index finished the week with a 0.65 percent gain. "The Philippine equities rose along with most Asian markets as trading volume picked up from," DBP-Daiwa Securities, Inc. said in its daily stock market comment. The brokerage said the property sub-index led the advance, rising by as much as 1.29 percent on Friday's trading, after the local central bank announced that it does not see evidence of asset bubble. Similarly, the financial sector was also up by 0.99 percent after the Philippine central bank's stress test found that the capital adequacy ratio of banks to be at 15.77 percent even after a simulated 50 percent default on real estate loans. 2TradeAsia.com said separately that some investors are still waiting for announcement of "sizable leads" at home before increasing their exposures. Furthermore, the long weekend has pushed some fund managers to go for an early break ahead of the national and local election on Monday, while others might opt to stay liquid. "Stay alert for possible supply pressures at 7,200 resistance level and trade selectively," the online brokerage said. Stocks in the 30-company index were picked up. Among the favorites was Alliance Global Group, Inc., which led the rally with 5.59 percent after it disclosed that its casino unit is seeking initial public offering.