Philippine equities make modest recovery


The local stock market remained flat on Tuesday, but ended safely on the green side toward the end of the session amid the anticipation of latest United States’ jobs data.

The Labor Department of the United States is set to release today the September jobs report. The 16-day US government shutdown caused the original October 4 release date to be moved.

“Philippine shares rebounded from Monday’s ‘deviant mood’,” Accord Capital Equities Corp. analyst Jun Calaycay said.

He also cited that the benchmark indices for the Asia Pacific region retreated off the five-month high, as overnight trades in the US and Europe failed to give convincing leads, but a handful of individual markets traded slightly higher.

The Philippine Stock Exchange index (PSEi) pulled off a modest recovery, although flat, on Tuesday, gaining 6.04 points, or 0.09 percent to end at 6,603.60, while the wider all-shares index climbed by 1.16 points, or 0.03 percent to 3,981.07.

“Local stocks traded at a steady pace, holding gains of between 20 [points]and 30 points on less-than-average value flow [P6.67 billion] but enough to restore and keep the measure above the 6,600-[point]line,” he said.

Advancers edged decliners, 75-79, with 44 issues remaining unchanged.

Majority of the sectoral indices also managed to end in the green except for industrial, which went down 0.05 percent, or 4.59 points to 9,443.20, as well as holding firms, which shed 0.52 percent, or 31.41 points to 5,979.63.

Mining and oil, on the other hand, registered the largest improvement, rising by 1.40 percent, or 179.44 points to end at 13,041.66, followed by the services, which went up by 0.82 percent, or 16.43 points to 2,019.54.

Financials also posted an improvement, climbing steadily by 0.31 percent, or 5.07 points to 1,635.79, while property advanced only by 0.11 percent, or 2.80 points to 2,607.98.

Some of the actively traded stocks were Philippine Long Distance Telephone Co., Universal Robina Corp., Ayala Land Inc., LT Group Inc., SM Prime Holdings Inc., Alliance Global Group Inc., BDO Unibank Inc. and GT Capital Holdings Inc.

Philippine shares welcomed the week in the red side after investors opted to go on profit-taking.

The PSEi ended Monday’s trading with a slight drop, losing 0.15 percent, or 10.27 points to 6,597.56, while the wider all-shares index shed 0.11 percent, or 4.46 points to 3,979.91.


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