Chart of the day: Philippines pushing higher

The outperformance of Asian equity indices against the rest of the world is typified by the Philippine Composite Index. It has rallied towards the record in May 2013 in a steady progression that is neatly contained inside a trend channel. The 50 and 200-day moving averages are positive and, with the outlook for economic growth in the second quarter improving, the way is open for the index to hit a record next month. The minor caveat is that technical indicators say the index is slightly overbought and bullish momentum is not as strong as might be expected.