Window dressing boosts local share prices

MANILA, Philippines - The local bourse rebounded from a two-day decline as window dressing kicked in days before the trading year ends.

The Philippine Stock Exchange index gained 0.34 percent or 19.75 points to 5,854.88 while the broader all shares index inched up 0.09 percent or 3.07 points to 3,592.96.

Financial markets are closed on Dec. 24 and 25 but fund managers bought stocks as part of the year-end window dressing to make share prices look attractive come reporting time.

Investor sentiment was also carried by advances in regional and global markets.

On Friday, Wall Street climbed anew, showing the market’s resilience despite the US Federal Reserve’s tapering.

The Dow Jones Industrial average closed 0.26 percent or 42.06 points higher at 16,221.14, while the broader Standard & Poor’s 500 index added 0.48 percent or 8.72 points to 1,818.32, both fresh record highs.

In Asia, Japan’s Nikkei 225 barely rose 0.07 percent or 11.20 points to 15,870.42 while Hong Kong’s Hang Seng index also picked up.

Locally, most counters were in the green, paced by financial firms that jumped 1.48 percent or 20.89 points to 1,430.86. But holding firms fell 0.33 percent or 18 points to 5,420.83.

As expected, investor turnout eased ahead of the holidays. Turnover value dipped to P5.26 billion from P7.59 billion on Friday.

Losers outpaced gainers, 86 to 69, while 34 stocks did not change.

Most active issues were mixed. The advancers were led by Union Bank of the Philippines (+0.32 percent) and Metrobank (+1.21 percent).