Stocks resume upward trend
MANILA, Philippines — Share prices recovered yesterday after profit taking prevailed on Wednesday, which in turn capped the market’s winning streak.
The benchmark Philippine Stock Exchange index (PSEi) regained 55.64 points to close at 8,487.37, while the broader All Shares gauge gained 26.01 points, or 0.52 percent, to finish at 4,950.47.
Most counters were in positive territory except for the industrial and the services sectors which declared 0.25 percent and 0.02 percent, respectively.
Advancing stocks outnumbered decliners, 102 to 97 while 49 issues were left unchanged.
Foreign buying stood at P3.57 billion while foreign selling reached P4.04 billion and total value turnover was at P7.88 billion.
Traders said the market initially traded in the red early in the day but managed to end up higher as investors anticipate rosy third quarter earnings next week.
The best performers were led by the LT Group Inc. which gained 4.85 percent or 0.840 points to close at P18.160 while Ayala Corp. also rose by 4.30 percent to P1,116 and so did Metrobank, which was up 2.56 percent to P92.
On the other hand, the worst performers were led by the Gokongwei’s Universal Robina Corp, which fell 2.91 percent to P140 and Alliance Global Group Inc. which declined 2.40 percent to end at P15.480.
Policy makers looking for stronger evidence of price gains before supporting a third interest-rate increase this year,” he said.
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