NEWS

RETAIL BANKING | Staff Reporter, Philippines
Published: 03 Feb 12
781 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
Chinese banks see drop in bad loans
Chinese banks see drop in bad loans China's banks reported a reduction in bad loans fall and the maintenance of capital strength in the first three months of 2012.
Singaporean banks prove resilience in stress test: Fitch
State Bank of India posts massive profit increase
Chinese banks’ foreign expansion “irresistible”
Commercial Bank of Ceylon opens Islamic banking unit
City Union Bank eyes up to 30% growth
DongA Bank earns $24M pretax profit in 4 months
Chinese commercial banks' NPL ratio below 1%
Vietinbank to conclude 20% stake sale in Q4
AMMB's Pre-Tax Profit Jumps To RM2.082 Billion
OTHER RETAIL BANKING NEWS
Australian and Chinese banks suffer from bank-bashing governments
Australian and Chinese banks suffer from bank-bashing governments Why are the banks in two of the world’s better-performing economies under government scrutiny?
Combined market share of Australia's big four banks
Singaporean banks prove resilience in stress test: Fitch
City Union Bank eyes up to 30% growth
DongA Bank earns $24M pretax profit in 4 months