PH stocks track Wall St advance


The bellwether stock index finished in positive territory on Thursday, supported by overnight gains on Wall Street.

The Philippine Stock Exchange index (PSEi) was up 0.10 percent or 7.23 points at 7,276.18, while the wider All Shares index was 0.17 percent or 7.21 points higher at 4,278.39.

The US markets were up overnight, which led to advances in European and Asian markets — the Dow Jones Industrial Average added 33.27 points, the S&P 500 gained 4.03 points, while the tech-heavy Nasdaq index went up 26.16 points.

Jason Escartin, investment analyst at F. Yap Securities Inc., said that the market tracked the advance on the US markets, which ended positive on Thursday night.

“Some [investors]took their cue from Wall Street’s ascent, on signs of improvement in the US economy,” Escartin said.

“The sideways tone [in the next few days]is expected, as participants check for other new leads to prop-up year-end buying,” he added.

Escartin suggested the PSEi will trade in a narrow range between 7,250 and 7,280 in the next few days.

Michaelangelo Oyson, chief executive officer of BPI Securities Corp., said in a text message that the market ending with flat gains was due to the “[a]consolidation phase with performance capped by initial public offerings and opportunistic equity placements by companies.”

The property counter was the only decliner among the sectoral indices, down 0.46 percent or 13.25 points at 2,879.25. Financials gained 0.31 percent or 5.35 points to 1,728.39; industrials increased 0.39 percent or 46.28 points to 11,778.93; holding firms inched up by 0.02 percent or 1.40 points to 6,308.62; services added 0.02 percent or 0.49 points to 2,145.51; and mining and oil rose by 0.75 percent or 117.24 points to 15,649.31.

Among the 10 most active issues, Bloomberry Resorts Corp. and GT Capital Holdings Inc. were flat, while four were gainers and another four were losers. Active decliners were PLDT, Ayala Corp., Energy Development Corp. and SM Prime Holdings Inc., while the active advancers were Southeast Asia Cement Holdings Inc., Universal Robina Corp., Premium Leisure Corp, and BDO Unibank Inc.

Total shares traded reached 3.75 billion, amounted to P9.26 billion. Advancers won against decliners, 91 to 82, while 51 issues were unchanged.

On Thursday, the benchmark stock index dipped 0.007 percent or 0.54 points to 7,268.95, while the All Shares index decreased by 0.08 percent or 3.53 points to 4,271.18.


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