Phl stocks shrug off Glenda impact

MANILA, Philippines - Philippine stocks shrugged off the impact of Typhoon Glenda, as the index took its cue from positive developments abroad.

The Philippine Stock Exchange index rose 0.49 percent or 33.32 points to 6,867.36, while the broader all shares index added 0.29 percent or 11.97 points to 4,112.58.

Gab Aguila, an analyst at DA Market Securities, said the local equity market initially traded cautiously as investors measure the effects of Typhoon Glenda on company operations.

“With the risk sentiment duly considered, the market then acted on offshore leads,” Aguila said, adding that the typhoon’s damage was considerably less than previous weather disturbances.

Lexter Azurin, research head of brokerage firm Unicapital Securities Inc., said the market played catch-up with positive leads overseas.

On Wednesday, Wall Street recorded another rally on the back of robust corporate earnings and acquisition update on Time Warner Inc.

The Dow Jones Industrial average gained 0.45 percent or 77.52 points to a record 17,138.20, while the broader Standard & Poor’s 500 index improved 0.42 percent or 8.29 points to 1,981.57.

Aguila said investors also welcomed news that China’s second quarter gross domestic product picking up anew, snapping a decline recorded in the past three quarters.

Locally, all counters were up, led by mining and oil that climbed 1.02 percent or 167.64 points to 16,655.10 while the service sector ended 0.50 percent or 10.37 points higher at 2,079.17.