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RP stocks up by 1%

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After Intel Corp. reported their record second quarter profit and Singapore raised its 2010 economic growth forecast, Philippine stocks rose on Wednesday despite tropical storm Basyang.

The PSEi or Philippine Stocks Exchange index gained 36.48 points or 1.06 percent to 3,472.33 points. This records a new high since closing at 3,447.29 last Jan. 15, 2008.

The value turnover was almost at P2.96 billion around 2.75 billion shares with Gainers lead the decliners by 56 to 25 and 54 were unchanged.

The world’s largest chipmaker, Intel, announced a net income of $2.9 billion for the second quarter, a turnaround from their $398 million loss in the same period last year.

Singapore foresees its economy growing around 13 to 15 percent this year. “The positive outlook for the economy of Singapore – an export led economy like the Philippines – adds optimism to world’s recovery, after Greece sold bonds at a rate below what the country pays for European aid,” said Jose Vistan, senior research manager of AB Capital Securities Inc. He also added that Singapore’s dependence on global trade may likely escape the impact of any renewed slowdown.

Asian market also showed positive notes as Japan’s Nikkei 225 stock average rose to 2.5 percent to 9,776.75 points, while South Korea’s Kospi at 1.2 percent to 1,756.63 points and Australia’s S&P/ASX 200 to 1.4 percent to 4,443.5 points.