MANILA - Philippine share prices trekked higher on Tuesday with the composite index returning above the 6,500 line, buoyed by the recovery in regional markets.
At the Philippine Stock Exchange, the benchmark index shot up 42.35 points, or 0.65 percent, to close at 6,529.58. All counters finished in the green with the industrial counter advancing 1.17 percent to lead the market's charge.
Advancers beat decliners, 87 to 78, while 41 issues were unchanged. Value turnover improved to P8.20 billion from yesterday's P6.19 billion, as 926.58 million stocks were traded.
Most actively traded stocks were PLDT, ICTSI, SM Investments, Universal Robina and Alliance Global. Top gainers were Arthaland, Apex A and United Paragon, while the biggest losers were Globalport, Pacifica and Panasonic.
"Concerns over China and the Ukraine hover but investors found enough gumption to pick up equities beaten by Monday’s rout sending Asian indexes higher even as volatility narrowed," Jun Calaycay of Accord Capital Equities Corp said.
"Local share prices broke past the 6500-mark sustaining the uptrend drawn since the December bottom. This despite a drop in US stocks overnight," Calaycay said.
After its biggest slump in more than a month, Asian shares found steadier footing today. Japanese stocks led the advance after the Bank of Japan reaffirmed a pledge to massive monetary stimulus.
Overnight, US stocks fell as a slowdown in Chinese exports fanned concerns about global economic growth. The Dow Jones Industrial Average lost 0.2 percent to 16,418.68 as the S&P 500 dropped less than 0.1 percent to 1,877.17 from a record close.
Maybank ATR Kim Eng (MATRKE) Securities Inc president Lorenzo Roxas said the recent foreign inflows in the local stock market that have fuelled the rally in share prices may be temporary since they are related to the rebalancing of the MSCI and the FTSE indices.
"Once the rebalancing is done, to a certain extent because of global volatility, flows will decrease a little bit. January was a bit tough. The volume turnover was down 50 percent year on year so again the fund inflow is a welcome development for us," Roxas said.
By: Krista Angela M. Montealegre, InterAksyon.com
March 11, 2014 4:13 PM
March 11, 2014 4:13 PM
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