Wednesday morning, as part of the Chinese Lunar New Year celebrations.
New Year cheer may have spread in Asian markets, including the Philippine Stock Exchange where the main index closed above the 7,800 level for the first time.
Asian investors were optimistic ahead of the European Central Bank's meeting on bailout conditions for Greece, though trading was relatively quiet as markets in China are closed for the Lunar New Year.
The Philippine Stock Exchange index closed Wednesday’s session at 7,803.45, up 0.1 percent and the 13th time it set a new record this year. The PSEi's previous record close was 7,793.40 on February 17, 2015.
The main index also set a new all-time intraday high at 7,840.39.
Among the day's big gainers were Emperador Inc, Alliance Global Group, SM Prime Holdings and LT Group Inc.
"We are optimistic that emerging markets like the Philippines will remain resilient amidst uncertainties in the Eurozone. On the local front, we expect corporate profits and dividend stories to continue to lift the market,” said PSE President and CEO Hans B. Sicat
At the foreign exchange market, the peso slightly strengthened to P44.23 against the US dollar.
Indonesia at record high
Meanwhile, the Indonesian key stock index rallied to a record high on Wednesday amid optimism about the domestic economy after an unexpected rate cut by the central bank, while Malaysian shares snapped three days of gains in a shortened trading session.
The Jakarta composite index was up about 1 percent at 5,393.27, after climbing to an all-time high of 5,415.38.
Interest rate sensitive stocks led the gains, boosted by foreign-led buying, Thomson Reuters data showed.
Indonesia's central bank unexpectedly cut its benchmark interest rate by 25 basis points to 7.5 percent after market close on Tuesday.
The move officially ended Bank Indonesia's tight-bias cycle which started in May 2013, while lower interest rates boded well for domestic demand, broker Bahana Securities wrote in a report. It upgraded its estimate for 2015 GDP growth to 5.45 percent from 5.30 percent.
"While surprising, we applaud BI's looser monetary policy, which we think indicates its efforts to support President Jokowi's expansive fiscal policy this year, particularly given expectations of subdued inflation on lower global oil prices," Bahana said.
Kuala Lumpur composite indexended the day down 0.1 percent amid weaknesses in financial shares. RHB Capital dropped 2.8 percent, the worst performer on the index, and Public Bank PUBM.KL fell 1.3 percent, the third worst.
Data showed annual inflation in Malaysia fell to a more than five-year low of 1.0 percent in January as oil prices skidded, but economists do not expect the central bank to follow others and respond by cutting interest rates.
Other Southeast Asian stock markets traded in positive territory while Asian shares rose amid signs Greek banks will continue to receive emergency funding despite a breakdown in debt talks between Athens and euro zone finance ministers.
Singapore and Malaysia will remain closed through Friday for the Lunar New Year holidays.
Indonesia and the Philippines will be shut on Thursday, while Vietnam will remain closed through Feb. 23. - With Reuters
source: www.abs-cbnnews.com
