Phl stocks snap two-day decline

MANILA, Philippines - The bellwether index snapped a two-day decline, albeit at a modest rate as mixed signals tempered the gains yesterday.

The Philippine Stock Exchange index inched up 0.09 percent or 6.24 points to 6,955.21, retreating from the intraday high of 6,978.77, while the broader all shares index rose 0.21 percent or 8.64 points to 4,166.50.

“There were mixed sentiments of favorable earnings but somehow, worries on inflation hit the nerves of some investors,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview.

“The Philippine market fluctuated as the country’s benchmark sought to establish a base of support after correcting from a 200-point rally that send the index to near 52-week high,” said Gab Aguila of DA Market Securities.

In contrast, Asian markets closed in the red as investors opted for safer assets after reports that Russia amassed combat-ready troops near the Ukraine border.

Wall Street slightly barely rose on Wednesday as gains were capped by the geopolitical tensions. The Dow Jones industrial average added 0.08 percent or 13.87 points to 16,443.34, while the broader Standard & Poor’s 500 index inched up up 0.03 of a point to 1,920.24.

Locally, most counters were in the green, paced by mining and oil that climbed 1.85 percent or 317.59 points to 17,508.12 but the service sector led the decliners as it shed 1.03 percent or 21.90 points to 2,096.05.

Turnover value improved to P6.95 billion from P5.57 billion on Wednesday. Advancers outpaced decliners, 94 to 83, while 43 stocks did not change.