PH shares track Asian rise on China, US data

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The local market returned above the 6,800-point level on Tuesday, tracking regional gains on the back of positive manufacturing data from China and the United States.

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The Philippine Stock Exchange index (PSEi) was up 90.44 points or 1.35 percent at 6,800.84 while the wider all shares rose 40.67 points or 1.01 percent to 4,068.96.

“The market rose following positive manufacturing data from the US as well as China,” Lexter Azurin, research head at Unicapital Securities Inc., said in a text message.

Azurin added that bargain-hunting also lifted the market as investors looked for stocks that had been beaten down in the past few days.

Except for mining and oil, which fell 38.20 points or 0.25 percent to 15,469.49, the rest of the sectoral indices stayed in the green.

Property led the gainers, up 37.15 points or 1.40 percent to 2,681.76, followed by industrials, which added 136.53 points or 1.34 percent to 10,346.71.

Holding firms advanced 76.44 points or 1.25 percent to 6,199.34, while financials gained 17.51 points or 1.11 percent to 1,596.93. Services also went up by 15.11 points or 0.75 percent to 2,033.57.

Participation turned a bit more active with 1.3 billion shares worth P7.5 billion traded. Advancers outnumbered decliners 104 to 71, while 43 stocks were unchanged.

Some of the most actively traded stocks were Belle Corp., down 12.41 percent at P4.80; Metropolitan Bank and Trust Co., up 0.65 percent at P85.65; and Megaworld Corp., up 1.08 percent at P4.70.

According to Azurin, Belle shares plummeted after the company announced that it is consolidating all of its gaming interests under subsidiary Sinophil Corp. as part of its corporate reorganization strategy.

In order to give the investing public sufficient time to digest the said transaction, the local bourse implemented a one-hour trading halt on Belle shares on Tuesday.

On Monday, firmer Asian markets boosted buying interest in Philippine shares and sent the main index back to the 6,700-point mark after two days of losses last week.

The local barometer settled on Monday at 6,710.40, adding 62.75 points or 0.94 percent, while the wider all shares gained 30.72 points or 0.77 percent to 4,028.29.

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