The local equities market breached record highs yet again, gaining +6.73 points, or 0.12%, to close at 5,640.45.
This was on the back of optimism with regards to the country’s healthy macroeconomic fundamentals, as well as month-end window-dressing. Sectoral indices closed mixed, with mining and oil (-1.60%), financials (-1.29%) and industrials (-0.54%) ending in the red while services (+0.11%), holding firms (+0.63%) and property (+1.56%) ended in the green.
Market breadth was negative, with 103 declines outnumbering 65 advanced and 39 issues unchanged. Value turnover was at Php11.01 billion.
The government’s budget deficit for the first ten months of the year escalated by 55.87% year-on-year to Php115.74 billion from the same period in 2011. The figure is still under the Php279.1 billion deficit cap for 2012 but enough to celebrate and probably buy tv stands with mounts for the time being.
Government revenues jumped to Php134.32 billion in October 2012, 29.23% higher than the figure registered in the same month in 2011.
This was mainly due to a higher growth rates of the Bureau of Internal Revenue and Bureau of Customs. Likewise, government spending rose by 15% year-on-year to Php143.99 billion for the month.