Local stock market tracks regional developments

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The local stock market capped the latest trade with a slight improvement, mirroring the trend in most of its neighboring markets after investors around the globe see a slight improvement in the global economy.

Philippine Stock Exchange index made a slight recovery from Monday’s correction, rising a bit by 0.36 percent, or 22.1 points to 6,083.91, while the wider all shares posted 0.27-percent gain, or 10.12 points to 3,722.15.

Overseas, Asian stocks were also up on hope that the global economy is recovering.

Also, majority of the local sectors settled on the green side.


Property was the only sector that managed to increase by more than a percent, gathering additional 28.85 points, or 1.26 percent to end at 2,312.18.

Next to property is services counter, which advanced by 0.47 percent, or 9.07 points to 1,929.86, followed by financials, which registered a 0.42-percent increase, or 6.15 points toward 1,469.73. Holding firms went up a bit by 0.11 percent, 5.72 points to 5,358.81.

However, industrial and mining and oil didn’t manage to tap the green zone, after both of them declined by less than a percent.

Some of the actively traded stocks on Tuesday were SM Investments Corp., Philippine Long Distance Telephone Co., Ayala Corp., Megaworld Corp., Alliance Global Group Inc., Globe Telecom Inc., Boulevard Holdings Inc., Ayala Land Inc. and Metropolitan Bank and Trust Co.

“All cards are on the table—the Fed past mid-month, a decision on Syria in the next week or so, and the usual menu of weekly economic data releases. Investors will be hard put to juggle these influences with the still promising projections for the domestic economy,” Jun Calaycay, Accord Capital Equities Corp. analyst, said in his recent market outlook.

Local market started the week with a minor correction after the Syria tension and Fed tapering worries outshined positive outlook on the domestic economy.

Philippine Stock Exchange index (PSEi) fell 0.22 percent on Monday, or 13.37 points to 6,061.80. The wider all shares, however, inched up a bit by 0.26 percent, or 9.65 points to 3,712.03.

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