• Philippine stock market ends year in positive

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    Local equities on the last trading session for the year increased its third time for the week as the Philippine benchmark stock index undergo short-term to medium-term rally.

    The Philippine Stock Exchange index (PSEi) was raised by 0.20 percent, or 11.51 points to 5,889.83, while the all-shares index went up by 0.33 percent, or 11.79 points to 3,614.31. Harry Liu, president of Summit Securities Inc., said in a text message that the market increase was because of short- to medium-term index rally, and that long term to next year will further improve.

    “The market is doing short- to medium-term rally but the long-term market is still strong. Window dressing too is part of it. Expect 2014 to be a better year ahead,” Liu said in a text message.

    Financials index took a drop once again by 0.11 percent, or 1.52 points to 1,428, while mining and oil index also fell by 0.19 percent, or 23 points to 11,917.94.

    Other sectoral indices that gained included industrial and holding firms, both of which increased by 0.16 percent and 0.28 percent, or 13.46 points and 15.21 points to 8,690.37 and 5,429.48, respectively.

    Services also ascended by 0.75 percent, or 13.92 points to 1,866.04, while property was up by 0.17 percent, or 3.79 points to 2,205.45.

    Among the most actively traded shares, SM Prime Holdings Inc. remained flat while the others were mixed.

    On one hand, top traded companies that lost within the trading session include Universal Robina Corp., BDO Unibank Inc., SM Investments Corp. and Alliance Global Group Inc.

    Most active gainers, on the other hand, were Ayala Land Inc., Philippine Long Distance Telephone Co., Metropolitan Bank and Trust Co., International Container Terminal Services Inc. and Metro Pacific Investments Corp.

    Gainers outnumbered losers—91 to 70—while the unchanged were 48.On the last trading for 2013, total volume increased on Friday to 2.1 billion shares, and value turnover amounted to P6.4 billion.

    The PSEi on Thursday gained 23.44 points, or 0.40 percent to 5,878.32 as it opened right after Christmas celebrations on December 24 and 25. The broader all-shares index obtained additional 9.57 points, or 0.27 percent to 3,602.53.

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