Positive sentiments lift PH stocks

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Philippine shares made it to the green side during the mid-week as global sentiments turned positive.

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On Wednesday, the Philippine Stock Exchange index (PSEi) made a 0.66-percent rebound, or 39.04 points to 5,986.48, while the broader all-shares barometer went up by 0.62 percent, or 22.49 points to 3,667.59.

Jonathan Ravelas, chief market strategist at BDO Unibank Inc., said in a text message that positive sentiments from the United States helped lift domestic shares.

In Wall Street, the Dow Jones Industrial Average, S&P 500, and Nasdaq composite were all up as of 4 p.m., Manila time.
Because of this, Ravelas said that the local market could test the 6,000-point level in the next trades.

All the sectoral indices also managed to post increases. Property had the largest improvement, rising by 1.43 percent, or 31.95 points to 2,272.43, followed by industrial, which rose by 0.89 percent, or 78.44 points to 8,903.76.

Services climbed by 0.70 percent, or 12.96 points to 1,863.90, and mining and oil went up by 0.59 percent, or 76.09 points to 12,881.19. Holding firms increased by 0.46 percent, or 25.24 points to 5,470.41, while the financials counter ended flat with an additional 0.12 percent, or 1.70 points to 1,468.78.

Total value turnover was a little changed at P5.5 billion, while losers slightly beat gainers, 80 to 78. Thirty-six issues were unchanged.

Some of the actively traded stocks on Wednesday were BDO Unibank Inc., Philippine Long Distance Telephone Co., SM Prime Holdings Inc., Ayala Land Inc., Ayala Corp., International Container Terminal Services Inc., Globe Telecom Inc., SM Investments Corp., Universal Robina Corp. and Metropolitan Bank and Trust Co.

The 4.1-percent inflation for December upset the stock market on Tuesday, pulling the country’s benchmark index to a lower level. The PSEi retreated by 0.64 percent, or 38.37 points to 5,947.44, while the broader all-shares barometer lost 0.69 percent, or 25.34 points to 3,645.10.

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