PH stocks rise on Asia gains, EU forecast

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Philippine shares finished slightly higher as the market found support from gains in Asian stocks on Wednesday and signs of recovery in Europe.

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Asia’s markets mostly rose as investors brushed off a weak batch of data from the United States, while the dollar edged up against the yen.

Jun Calaycay, analyst at Accord Capital Equities Inc., said local investors “managed to shrug off the negative vibes.”

The euro also enjoyed support after European officials raised their growth forecasts as the region showed signs of slowly recovering from a debilitating debt crisis.

“Recovery is gaining ground in Europe . . . rebalancing of the European economy has been progressing and external competitiveness is improving,” said European Union Economic Affairs Commissioner Olli Rehn.

The Philippine Stock Exchange index (PSEi) gained 27.05 points, or 0.43 percent to 6,322.60, while the wider all-shares index rose 15.73 points, or 0.41 percent to 3,818.26.

Three counters posted a strong finish, with financials up 0.22 percent, or 3.50 points at 1,565.773 and industrial higher by 1.06 percent, or 101.68 points at 9,654.82.

Holding firms climbed 1.04 percent, or 59.10 points to 5,755.67
Mining and oil led the decliners, losing 0.50 percent, or 71.06 points to 14,212.79.

Universal Robina Corp., Alliance Global Group and SM Investments were the actively traded companies that registered price gains, while SM Prime Holdings, JG Summit, Philippine Long Distance Telephone Co., Metropolitan Bank and Trust Co., Jollibee Foods, Metro Pacific Investments and Ayala Corp. were the most actively traded stocks that recorded price losses.

Decliners slightly outnumbered advancers, 82 to 80, while 43 issues closed unchanged. Value turnover reached P8.1 billion from the trading of 2.9 billion shares.

On Tuesday, the PSEi ended with a 0.01-percent loss, or 0.77 points to finish at 6,295.55, while the broader all-shares index eased by 0.04 percent, or 1.52 points to 3,802.53.

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