Philippine shares surge on ‘year-end push’


Philippine shares closed the second trading of the week on the green side, even surging by 2 percent as investors seek for a year-end push.

“With only a week left before Christmas, investors hope for a year-end push lie just inches from the drain. True, Monday’s surprise 45.41 points rally kept the flames a flickering but Tuesday’s action added more than enough fodder to keep the fire burning,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.

Philippine Stock Exchange index rushed forward by 2 percent on Tuesday, or 116.45 points to 5,928.99, while the broader all shares climbed 1.63 percent, or 57.92 points to 3,621.97.

“The newsfront continues to be rather stingy, leaving investors with little to chew on except the extended concerns over Fed tapering, the political stirrings following the [Super Typhoon] Yolanda disaster and, to a certain degree, the movements of equity markets across the globe, specifically, the US as reflected by the day-to-day changes in the Dow Jones Industrial Average and the S&P500,” Calaycay further said.

Also, almost all the sectoral indices surged significantly with industrial posting the largest increase, rising by 2.83 percent, or 238.96 points to 8,694.32, followed by the financials, which went up by 2.32 percent, or 32.55 points to 1,438.51.

Holding firms also climbed by 2.30 percent, or 123.15 points to 5,484.16, while property upped by 1.76 percent, or 38.29 points to 2,219.28. Mining and oil, on the other hand, gained by 1.03 percent, or 118.78 points to 11,681.35, while services ended positively flat at 0.29 percent, or 5.36 points to 1,851.75.

Total value turnover improved at P9.3 billion with advancers edging against decliners, 105 to 52.

Some of the top gainers on Tuesday were Metropolitan Bank and Trust Co., Ayala Land Inc., SM Investments Corp., BDO Unibank Inc., Alliance Global Group Inc., Robinsons Retail Holdings Inc., Ayala Corp., Universal Robina Corp., Bank of the Philippine Islands, Megaworld Corp., Aboitiz Power Corp., Jollibee Foods Corp., and Metro Pacific Investments Corp.

On Monday, the benchmark index began the week on the green side, rising a bit by 0.79 percent, or 45.41 points to 5,812.54, while the wider all shares inched up by 0.60 percent, or 21.29 points to 3,564.05.


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