Stocks incur consecutive rebound from series of drop

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THE Philippine benchmark index incurred its holiday treat as it went up the second time since the last trading on Monday as local stocks enjoyed the push from “regional gains” in wake of the Christmas season.

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Rafael Supangco, research head at Angping and Associates Securities Inc., told The Manila Times that the slight rise in Thursday’s trade was not because of local trading, but was mostly influenced by the Asian equities boost.

“No volume [for local trading]. Index just tracked regional gains. Expect more of the same in the last two trading days,” Supangco said, citing the last trading days Friday (December 27) and Monday (December 30) before New Year’s celebrations.

“Next year still possible to breach 6,000 but market will mostly react according to Fed’s actions,” he added.

On Thursday, the Philippine Stock Exchange index (PSEi) gained 23.44 points, or 0.40 percent to 5,878.32, while broader all-shares index added 9.57 points, or 0.27 percent to 3,602.53.

Sectoral indices ended up mixed with financials and holding firms losing, while the other four indices obtained positives. Financials went down slightly by 0.09 percent, or 1.34 points to 1,429.52 while holding firms slid by 0.12 percent, or 6.56 points to 5,414.27.

Industrial, on the other hand, increased by 0.44 percent, or 38.01 points to 8,676.91, while services ascended by 0.63 percent, or 11.62 points to 1,852.12.

Further, mining and oil counter went up by 1.03 percent, or 121.19 points to 11,940.94, and property index increased by 1.05 percent, or 22.83 points to 2,201.66.
Most active companies either advanced or declined with BDO Unibank Inc., SM Investments Corp., Ayala Corp., Metro Pacific Investments Corp., Manila Water Co. Inc. losing, while Ayala Land, Metropolitan Bank and Trust Co., Philippine Long Distance Telephone Co., Aboitiz Power Corp. and Universal Robina Corp. gaining.

Advancers won against decliners with 76 versus 68, while the unchanged were at 45.

Total volume amounted to 791.3 million shares while value turnover were accounted at P3.5 billion.

On Monday, the PSEi first eased from its plummet series for the month with a 0.34-percent increase, or 19.75 points to 5,854.88, while the wider all shares also went up a bit by 0.09 percent, or 3.07 points to 3,592.96.

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