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Philippine stocks slightly up


PSE index as of 3:46PM, January 8, 2012. Screengrab from pse.com.ph

MANILA, Philippines—Local stocks ended modestly higher on Tuesday after a volatile session marked by increasing profit-taking temptation after a five-day run-up to new record highs.

The main-share Philippine Stock Exchange index added 3.99 points, or 0.07 percent, to close at 6,048.90, a new record high finish. A new intraday peak of 6,055.42 was likewise hit for the day.

The index struggled through most of the session to stay in positive territory especially as most other markets in the region have succumbed to profit-taking.

The index gainers were FGEN, Belle, EDC, Philex, MWC, SMIC, AGI, ICTSI, DMCI and Jollibee.

On the other hand, there was profit-taking on Megaworld, MPI, URC, Meralco, JG Summit, ALI, Globe, PLDT, AP and SM Prime.

After conquering 6,000, the next key resistance for the index is seen at 6,100.

While investors are generally optimistic on good macroeconomic fundamentals behind stocks, one key concern is the proposed framework on foreign ownership to be issued by the Securities and Exchange Commission in the aftermath of a Supreme Court ruling on PLDT’s foreign equity case.

Lazard Asset Management Inc., which has nearly $1 billion invested in the local capital markets, said it might be forced to sell its holding if the regulations on foreign ownership in the Philippines would change.

“We believe that the limit on foreign ownership should continue to be calculated as a percentage of total shares outstanding as opposed to being segregated by share class.  The new proposal, we believe, is unfairly grouping our passive interests with those of possible foreign strategic investors,” Lazard officials said in a letter to SEC chairperson Teresita Herbosa.

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Tags: Markets and Exchanges , Philippine Stock Exchange , Philippines , Stock Activity , Stock Market , stocks

  • OFW_Investor

    Stock market is not a casino. The Phils leading businesses are listed in the PSE. The Phils richest have their businesses listed in the market. It is a great opportunity to partner with the Billionaires. The Stock market  in the short run a registration machine, requiring only money initially. in the long run it is a weighing machine tossing out the poor businesses. Buying businesses with outstanding management, demonstrated earnings power is not gambling.
    An Investment is an operation which promises safety of prinicpal plus an adequate return. Operations not meeting this criteria can be labelled as speculation with speculators results.

  • willbillywilly

    If one got burned investing in stocks then don’t bring the entire house down with you. Stay away  in speculative issues since you’ll most likely get hit, stick to established firms with track record or if you lack experience then buy into equity mutual funds since it allows professionals to do the investing for you. Wait for the coming listing of ETF, these are safer issues.

  • rodben

    Stock market is same2 casino you win 1peso then later you loss 2pesos.

    • wilvin socias

      That’s one weird analogy…clearly a pessimist.

    • willbillywilly

      Going into business is also considered gambling since there is no guarantee one will be successful or not. Not only that, what about marriage, having babies, buying a house, your job, eating out, etc, . In fact, everything in life is a gamble dont you think so?

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