News Column

Stocks track Wall Street advance

February 28, 2014

By Kristyn Nika M. Lazo, The Manila Times, Philippines



Feb. 28--The Philippine Stock Exchange index (PSEi) rose for the second straight day on Thursday, tracking the advance on Wall Street.

Richard Anthony Liboro, BPI Securities Corp. director, said in a phone interview the local stock market was influenced mostly by external factors, including the rise of the Dow Jones Industrial Average.

Positive global economic sentiment is expected to result in a "global synchronization of economies," which include emerging markets such as the Philippines, he said.

Liboro warned, however, the market is bound to see some profit-taking in the coming days, though general sentiment will remain firm.

"In the following days, the market will still have a positive bias, strong fundamentals with projects rolled out in the country, which could improve the economic climate," he said.

The PSEi edged higher by 0.51 percent, or 32.19 points to 6,345, while the broader all-shares index added 0.37 percent, or 14.14 points to close at 3,832.40.

Indices finished mixed, with industrials up by 1.01 percent, or 97.98 points to 9,752.80, while financials were down 0.55 percent, or 8.54 points at 1,556.68.

Holding firms registered a gain of 11.50 points, or 0.20 percent to 5,767.17, but services lost 9.14 points, or 0.48 percent to 1,883.60.

Mining and oil dipped by 0.06 percent, or 7,78 points to 14,205.01, while property gained 2.55 percent, or 60.45 points to 2,451.73.

Among the most active stocks that registered price losses were Philippine Long Distance Telephone Co., International Container Terminal Services Inc. and Alliance Global Group.

The gainers among the most actively traded stocks included Universal Robina Corp., Megaworld, Ayala Land Inc., Ayala Corp., Globe Telecom, SM Prime Holdings Inc. and Metro Pacific Investments Corp.

Advancers outnumbered decliners, 90 to 68, while unchanged issues stood at 44. Value turnover was at P7.8 billion from 3.4 billion traded shares.

On Wednesday, the PSEi gained 27.05 points, or 0.43 percent to 6,322.60, while the wider allshares added 15.73 points, or 0.41 percent to 3,818.26.

___

(c)2014 The Manila Times (Manila, Philippines)

Visit The Manila Times (Manila, Philippines) at www.manilatimes.net

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Manila Times (Phillipines)


Story Tools