Phl stocks buck regional weakness
MANILA, Philippines - Philippine stocks bucked the sluggish regional markets, managing to rise for the second straight session yesterday on select buying.
The Philippine Stock Exchange index (PSEi) gained 0.24 percent or 17.71 points to close at 7,283.07 while the broader all shares climbed 0.08 percent or 3.48 points to 4,305.45.
“I think the fundamentals for many companies are quite strong and the outlook of the economy is relatively strong. So I think that would mean that the market would continue to absorb good news and that will be reflected in higher prices,” PSE president Hans B. Sicat said.
The ongoing political unrest in Hong Kong has continued to take its toll on Asian stocks, while all three indexes in Wall Street also fell with the Dow and the S&P 500 each losing 0.25 percent.
“The question right now is whether the global issues will be a dampener,” Sicat said.
Local counters were mixed at three apiece. Industrial firms led those who finished in the positive territory as it climbed1.27 percent or 146.80 points while mining and oil firms led those in red as it slipped 2.49 percent or 437.25 points.
Total volume traded stood at 4.28 billion value reaching P12.48 billion, lower than Monday’s P15.71 billion.
Market breadth was negative as decliners topped advancers, 102 to 85, while 43 stocks did not change hands.
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