NEWS

RETAIL BANKING | Staff Reporter, Philippines
Published: 03 Feb 12
771 views


Banks lead record Philippine Stock Exchange surge
Philippine Stock Exchange building (Photo by Jun Acullador)

Banks lead record Philippine Stock Exchange surge

A strong rally yesterday led by banks pushed the Philippine Stock Exchange Index to a record 4822.08 points, up by  2.3%.

The climb is the highest in almost four months. Analysts believe the rally is sustainable partly because strong bank earnings are whetting the appetite of foreign and local investors. One analyst recommended banks, saying loan growth is being supported by low interest rates.

The rally was also sparked by SM Investments and Ayala Corporation, two of the Philippines’ largest conglomerates.

Banco de Oro, Bank of the Philippine Islands and Metropolitan Bank & Trust Company were among the top bank gainers.

Sign up for our weekly newsletter

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

Tags: Philippine Stock Exchange Index, Banco de Oro, Bank of the Philippine Islands and Metropolitan Bank & Trust Company

TOP NEWS
China needs more banking reforms
China needs more banking reforms The government again goes to bat for small businessmen. Zhou Xiaochuan, Governor of the People’s Bank of China, the central bank, said the banking and finance sector should initiate reforms that serve the real economy so more direct financing can be provided to small- and micro-sized companies and cultural industry enterprises.
Commonwealth Bank posts lower than expected $1.69B Q1 profit
Bank Simpanan posts $332M net income
Hong Leong ups Q3 earnings by 49%
Demand for loans remains weak for Chinese banks
ANZ to triple investments in China
HSBC to maximize opportunities in Malaysia
Mobile banking on the move in Indonesia
Allahabad Bank to boost Hong Kong operations
Exim Bank Malaysia to disburse $486M in loans
OTHER RETAIL BANKING NEWS
Commonwealth Bank posts lower than expected $1.69B Q1 profit
Commonwealth Bank posts lower than expected $1.69B Q1 profit Commonwealth Bank of Australia posted a net profit of US$1.69 billion for the first three months of 2012.
Bank Simpanan posts $332M net income
Solomon Savings Bank CEO arrested for suspected corruption
HSBC to maximize opportunities in Malaysia
Vietnam's rising loans-to-deposits ratio