Philippines Stock Exchange Rallys, PLDT
The Philippines Stock Exchange added 34.45 points or 0.85 percent to close at a new peak of 4,087.96.
The day’s rally was led by gains eked out by the services counter, which rose by 1.3 percent. Only the mining counter was down as profit-taking on the sector prevailed.
Value turnover was heavy at P7.93 billion. There were 85 advancers that edged out 73 decliners while 25 stocks were unchanged.
Leading the day’s gainers were the Philippine Long Distance Telephone Co., Energy Development Corp., Banco de Oro Unibank, Philippine National Bank, Globe Telecom Inc., First Gen Corp., Ayala Land Inc., Lepanto Consolidated Mining Co. “A”, SM Prime Holdings Inc., Lopez Holdings Corp. and Ayala Corp.
On the other hand, there was profit-taking on SM Investments Corp., Philex Mining Corp., Megaworld Corp., Metro Pacific Investments Corp., Aboitiz Power Corp., Filinvest Land Inc., Metropolitan Bank & Trust Co. and Atlas Consolidated Mining & Development Corp.
The already upbeat sentiment on the local market was further bolstered by an overnight rally in Wall Street which extended the market’s rally into a fourth week. The Dow Jones gained 145.77 points or 1.37 percent to finish at 10,753.62.
Asian stock markets also traded favorably ahead of a US Federal Reserve Open Market Committee meeting.
Shayne Heffernan www.livetradtingnews.com
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