Stocks eke out gains amid quiet trading

MANILA, Philippines — The stock market is entering the Lenten break on a positive note amid a lackluster session yesterday.

The Philippine Stock Exchange index managed to add 8.69 points or 0.11 percent to close at 7,835.15, while the broader All Shares index improved 0.17 percent, or 8.54 points, to settle at 4,836.68.

“A quiet trading session today heading into the Holy Week with the Nasdaq Composite  breaking the key 8,000 level,” Reginal Capital’s Luis Limlingan said.

“US markets rose with the Nasdaq breaching above the crucial 8,000 handle for the first time in six months as investors digested a slew of corporate earnings. European markets continued their upward momentum for a fifth straight day,” he said.

Among local gauges, financials and services led the way, rising by 1.41 percent and 1.45 percent, respectively.

Holding firms and mining and oil, meanwhile, had the worst performance during the Wednesday’s session, dropping by 0.69 percent and 0.70 percent, respectively.

Market breadth stayed positive as advancers crushed decliners, 110 to 73, while 45 stocks did not change.

Value turnover, however, thinned to P5.45 billion from P7.14 billion the previous day.

“PSEi’s movement on Monday could likely be dictated by how US markets move for the next three nights given the lack of catalysts in the local front, so best to watch out for that,” said Gabriel Jose Perez of P2P Trade Online.