After trading sideways throughout the week, Philippine shares managed to eke out modest gains in the last trading day although investors remains clearly cowed with the same global issues.
Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said in a text message that the market only went up slightly because most of investors are still cautious on concerns over tensions in Syria and tapering stimulus of the US Federal Reserve.
“We are still waiting for the result on global concern. While on the domestic side, the concern is on the issue on pork barrel,” she said.
Jun Calaycay, Accord Capital Equities Corp. analyst, specified that a limited strike in Syria, which appears to be the most likely event at this time, should temper some of the uncertainties and leave much of the market’s concern wrapped around the Fed’s meeting by mid-month.
“This will keep the markets on a shaky footing,” Calaycay added.
The Philippine Stock Exchange index (PSEi) managed to cap the week on the green side, rising by 0.26 percent, or 15.40 points to 5,974.62. The wider all-shares barometer also registered slight gains, edging by 0.09 percent, or 3.26 points to 3,659.73.
This time, it was mixed results for the sectoral indices with half of them posting gains and the other half losing some points.
Mining and oil fell a bit by 0.89 percent, or 119.07 points to close at 13,257.70, followed by financials which went down by 0.38 percent, or 5.53 points to 1,446.52. Financials shed by 0.38 percent, or 5.53 points to 1,446.52.
Holding firms, on the other hand, rose by 0.53 percent, or 27.96 points to 5,256.35, while services advanced by 0.50 percent, or 9.42 points to 1,910.81. Industrial also went up, by 0.06 percent, or 5.44 points to 9,240.52.
Total value turnover stood quite lower at P5 billion with bears dominating bulls anew, 80 to 61.
Some of the most actively traded stocks were Philippine Long Distance Telephone Co., Ayala Land Inc., SM Investments Corp., Alliance Global Group Inc., Metropolitan Bank and Trust Co., Manila Electric Co., Universal Robina Corp., SM Prime Holdings, Inc., Ayala Corp. and LT Group Inc.
Philippine shares fell a bit on Thursday on the same external issues, with local developments also making an influence on price movements.
The PSEi went down anew on Thursday, albeit slightly, losing 0.15 percent, or 9.11 points to end at 5,959.22. The wider all-shares barometer went down by 0.20 percent, or 7.33 points to 3,656.47.