Quantcast
Latest Stories

Local stock market closes higher

By

MANILA, Philippines—Majority of Philippine stocks were modestly higher on Friday with selective stock-picking allowing the main index to hold against mostly sluggish regional equities trading.

The main-share Philippine Stock Exchange index recouped 8.23 points or 0.13 percent to close at 6.521.64 on Friday. For the week, the index had a modest 62.97 points or 0.01 percent gain.

On Friday alone, small gains by the financial, industrial and property counters offset the weakness in the holding firm, services and mining/oil counters.

In general, gains were backed by optimism over the unfolding fourth quarter corporate earnings reporting season but these have been tempered by the recent MSCI rebalancing and the recent accident at a Semirara coal mine in Antique.

The PSEi bounced from the previous day’s correction on the back of gains eked out by SMDC (+8.01 percent), Megaworld (+3.66 percent), Ayala Corp. (+2.38 percent), SMC (+1.8 percent), Belle (+1.54 percent) and Petron (+1.09 percent).  MWC and banking stocks BDO, BPI and Metrobank also contributed to the day’s gains.

On the other hand, Semirara (-2.45 percent) continued to fall after a mining landslide killed five people and entrapped some other personnel.  Parent DMCI (-1.41 percent) also continued to trade in the red.

Other laggers were FGEN, SMIC, Globe, PLDT, Philex , AGI, URC and MPI.

AGI was reported as one of those that received a reduced weight in MSCI float. Overall, the latest MSCI index review which will take effect at the end of trade on Feb. 28 reduced to 0.981 percent from 1.01 percent.

Turnover for the day amounted to about P9.43 billion.

Advancers (90) slightly outnumbered decliners (84) while 39 stocks were unchanged.


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



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

  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace