Quantcast
Latest Stories

Stocks resume rally



Local stocks surged to new all-time highs Friday as a string of good data out of China and the United States boosted risk appetite across regional markets.

The main-share Philippine Stock Exchange index added 67.03 points or 1.1 percent to close at 6,139.21. A new intra-day peak was also hit at 6,150.62.

For the week, the local index was up 87.46 points or 1.44 percent from last week’s finish.

“Markets rallied on the back of positive news flow from China, better-than-expected GDP (gross domestic product). [More relaxed] rules on foreign ownership limit may have also played a role in the rally and strong telco performance,” said Mark Angeles, head of research at First Metro Securities.

All counters were up for the day, led by the services sub-index, which posted the steepest gain of 2.29 percent, in turn buoyed by telecom companies PLDT and Globe. Last week, the Securities and Exchange Commission indicated that it would no longer impose the stiff 60-40 percent local-foreign ownership cap on all classes of shares of partly nationalized companies like utilities and real estate.

PLDT, the day’s most actively traded stock, was up 3.17 percent while Globe surged 4.67 percent. With PLDT’s gain, it was back as the stock market’s most valuable company with a market capitalization of P586.37 billion, albeit with a narrow margin over challenger SM Investment’s market capitalization of P585.59 billion.

Investors also loaded up on shares of SM Prime, Ayala Corp., BDO, SM Investments, Philex, Jollibee and Meralco.  Among the non-index stocks, GT Capital, FLI, D&L and Atlas gained in heavy volume.

On the other hand, shares of Metrobank, AGI, ALI and BPI declined. Shares of Puregold also dipped.  Doris C. Dumlao


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , stocks

  • PinoyDude

    There are quite a number of stock brokerage firms that working employees should look into to take advantage of this  uptick in the local bourse.

    You don’t need large sums of money to be part owner of a corporation.

    It’s really high time that the government should look into revising 60/40 rule on ownership. It’s alarming that Vietnam, Cambodia and even Myanmar are getting a big share of FDI’s in-flows—because they’re doing their homework.

    I hope the Philippines can catch up in attracting more FDI will provide employment to so many of our kababayans.

  • stealth ice

    i love this kind of news. i can feel that we are indeed an emerging market already.
    it takes an honest government to catapult us to this status. Thank God.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Intrigues mar signing of Bangsamoro draft law
  • Singson apologizes for delay in Edsa road repairs
  • Congressmen seek end to small-town lottery operations
  • 16-year-old survives in wheel well of US flight
  • MMDA to blame for delay of Edsa reblocking – DPWH exec
  • Sports

  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Ageless Hopkins pitches 50-50 Mayweather deal
  • Goodbye MGM, Las Vegas for Pacquiao?
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Solenn in shorts
  • Business

  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • Marketplace