MANILA, Philippines - Philippine stocks snapped a three-day decline yesterday despite late selling that trimmed the gains of the local bourse.
The Philippine Stock Exchange index (PSEi) rose 0.25 percent or 17.12 points to 6,867.59, while the broader all shares index inched up 0.04 percent or 1.55 points to 4,110.43.
“Two things we learn from Wednesday’s action: the presence of the bulls as evidenced by an early advance to the 6,900-mark and an overhang of the pessimism from Monday’s pre-State of the Nation Address fall, this time evidenced by the quick reversal of fortunes intraday,” said Justino Calaycay Jr. of Accord Capital Equities Corp.
The main index hit an intraday high of 6,903.18. Financial markets were closed on Tuesday in celebration of the end of the Ramadan season for Muslims.
The gainers were led by service firms that added 0.89 percent or 18.71 points to 2,111.01 but the property sector led the losers as it retreated by 0.32 percent or 8.36 points to 2,566.81.
Investor participation improved yesterday as value turnover hit P8.24 billion from P4.55 billion on Monday. Decliners outpaced advancers, 106 to 75, while 46 stocks did not change.
Most active stocks were in the green, led by index heavyweight PLDT (+1.59 percent) and SM Investments Corp. (+0.13 percent). However, top-traded Metrobank (-0.41 percent) closed lower, along with Megaworld Corp. (-2.82 percent) and SM Prime Holdings Inc. (-1.14 percent).