Philippine shares managed to break free from its two-day losing streak after US equities showed improvements.
Astro del Castillo, First Grade Finance Inc. managing director, said that the market was up after investors took cue on the positive trend overseas, or US equities improving from previous losses.
He also said that market participants may have been positioning a day before the release today of last year’s fourth quarter economic growth.
“Philippine shares broke a 2.72 percent, two-session slump ahead of the release of fourth quarter GDP [gross domestic product]data on the penultimate day of trades before the Chinese New Year holiday,” Accord Capital Equities Corp. analyst Jun Calaycay said.
The Philippine Stock Exchange index (PSEi) didn’t stay too long in red on Wednesday, recovering with a 0.78-percent increase, or 47.03 points to 6,069.84. The wider all-shares index went up by 0.64 percent, or 23.32 points to close at 3,692.26.
All the sub-indices also ended in green territory. Property had the largest improvement, rising by 1.38 percent, or 31.42 points to 2,316.58, followed by holding firms, which had a 1.05-percent gain, or 56.84 points to 5,466.96.
Industrial, on the other hand, went up by 0.52 percent, or 46.58 points to 8,947.06, while mining and oil expanded by 0.43 percent, or 60.24 points to 13,913.23. Services advanced by 0.41 percent, or
7.65 points to 1,878.67, while financials ended flat with a 0.29-percent increase, or 4.34 points to 1,506.27.
Total value turnover ballooned to P7.3 billion, while advancers beat losers this time, 85 to 61. Some of the most actively traded stocks on Wednesday were Alliance Global Group Inc., SM Prime Holdings Inc., Philippine Long Distance Telephone Co., Ayala Land Inc., GT Capital Holdings Inc., SM Investments Corp., Bank of the Philippine Islands, Metro Pacific Investments Corp., Metropolitan Bank and Trust Co. and DMCI Holdings Inc.
For the second trading session for the week, the local market failed to reverse Monday’s losses.
The PSEi went down again on Tuesday, falling by 0.97 percent, or 58.80 points to 6,022.81, while the wider all-shares index shed 0.62 percent, or 22.81 points to 3,668.94. Markets will be closed on Friday as the calendar transitions to the Year of the Wooden Horse.