Phl bourse recovers on gains in US stocks

MANILA, Philippines (Xinhua) - The Philippine stock market tracked the performance of US equities, posting slight gains today.

The bellwether Philippine Stock Exchange index rose by 0.17 percent, or 12.43 points, to 7,204.55, while the broader all-share index gained 0.08 percent, or 3.47 points, to 4,237.67.

Trading volume reached 3.29 billion shares worth P12.38 billion ($276.05 million) with 89 stocks advancing, 96 declining, and 40 were unchanged.

Of the six counters, only the financial and the mining and oil sectors bucked the trend.

"While the anticipated push from earnings did happen in the week prior to the releases, sustaining the gains have become the concern," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said investors lost their footing over Philippine Long Distance Telephone Co.'s (PLDT) disappointing earnings result in the third quarter, prompting them to book profits.

Despite this, he said the local equities managed to hold above the 7,200-level even as trades thin out.

"This theme will carry on for the balance of the current week until and unless fresh impetus surfaces," Calaycay said.

He said the relatively light volume is an indication that investors generally will not hold positions as trading margins tighten.

Stocks in the 30-company index closed mixed. Among those that rallied heavyweight PLDT and Metropolitan Bank and Trust Co. Investors sold down shares of Bloomberry Resorts Corp. and BDO Unibank, Inc.