Year-end window dressing boosts index

MANILA, Philippines - The stock market continued to rise ahead of year-end window dressing, analysts said.

The main composite index returned to the 7,000 mark, finishing 36.24 points higher at 7,002.42, while the broader All Shares index settled at 3,994.66, up 24.19 points or 0.61 percent.

All other indexes closed higher except for the property index, which declined  1.13 points or 0.04 percent to end at 2,987.64.

The mining and oil index gained 64.86 points or 0.64 percent while the holding firms rose 56.37 points or 0.86 percent.

However, volume remained thin at 3.723 billion. Advancers edged out decliners, 97 to 67 while 42 stocks were left unchanged.

“The PSEi closed at 7,007.42, up 36.24 points or 0.52 percent. Gainers were led by San Miguel Corp. at 5.38 percent, Lucio Tan Group at 2.74 percent and Aboitiz Power at 2.10 percent.  Losers, meanwhile, were led by Meralco at 1.20 percent, SM Prime Holdings, up 0.44 percent and BPI, which rose 0.40 percent. Total value traded was P3.2 billion,” said Paolo Hizon of Unicapital.

Yesterday’s session also followed the rise in US stocks on Tuesday.

US stocks rose for a second day as a rally in commodity shares ignited broader gains while data showed consumer spending bolstered the economy amid slowing growth overseas. The Dow Jones Industrial index gained 165 points or 0.96 percent to 17,417.27. The US economy expanded at a revised two percent annualized rate in the third quarter, buoyed by consumer spending. Household purchases propelled demand as employment improved and fuel prices remained low, according to Bloomberg.