• Philippine shares up on three-day rally

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    Amid relatively strong corporate earnings, Philippine shares continued to rise on Wednesday with a more than 1-percent gain.

    The Philippine Stock Exchange index (PSEi) went up further on Wednesday by 1.56 percent, or 101.99 points to 6,656.61, as while the wider all-shares barometer gathered 1.17 percent, or 46.52 points to 4,039.13.

    An analyst said that the positive trend the market is currently experiencing was probably brought by the same factors in the past few days, where market went up from a technical bounce.

    It was also a buoyant end for majority of the sectoral indices except for mining and oil, which dipped 0.21 percent, or 30.48 points to 14,608.08.

    Property, on the other hand, accumulated the largest gain, rising 2.17 percent, or 55.63 points to 2,617.96, followed by financials, which surged 1.86 percent, or 28.82 points to 1,581.46.

    Holding firms also posted significant improvements, advancing 1.81 percent, or 107.47 points to 6,040.01, while industrial went up 0.87 percent, or 85.34 points to 9,927.01. Services was up by 0.59 percent, or 12.15 points to 2,070.69.

    Total value turnover stood at P7.3 billion with advancers still outnumbering losers, 94 to 47, while 42 issues were unchanged.

    Some of the most actively traded stocks on Wednesday were SM Investments Corp., Universal Robina Corp., Metropolitan Bank and Trust Co., Alliance Global Group Inc., SM Prime Holdings Inc., Philippine Long Distance Telephone Co., Megaworld Corp. and Ayala Land Inc.

    The technical bounce that took place on Monday brought back more investors to the stock market on Tuesday, driving the PSEi to rise by 1.72 percent, or 110.81 points to 6,554.62, while the wider all-shares index managed to climb by 1.42 percent, or 55.69 points to 3,992.61.

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