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Global markets prop up local share prices

Stocks firmed up for the third straight session Friday on the back of window-dressing activities and more stable global markets.

The Philippine Stock Exchange index gained by 137.28 points, or 2.17 percent, to close at 6,465.28. Despite the dip seen earlier in the week, the gains of the last three days allowed the index to rise by 283.11 points, or 4.5 percent—its first weekly gain in five weeks.

All counters rose but the biggest gain was posted by the mining/oil counter (+3.4 percent), which was led by Semirara (+13.82 percent).

Other stocks that led the index higher were Globe (+8.05 percent), URC (+5.93 percent), SMIC (+5.42 percent), Jollibee (+4.23 percent), AC (+3.57 percent), AEV (+3.51 percent, ALI (+3.4 percent), ICTSI (+3.33 percent) and BPI (+2.78 percent).

Dealers said the market tracked upbeat regional markets while month-end and quarter-end window-dressing activities also boosted share prices.

There were 96 gainers against 71 decliners at the local market. Value turnover amounted to P15.3 billion.  Doris C. Dumlao

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Tags: Business , stocks

  • Godofredo Batungbacal

    When mere rumors or talks of the US Fed tapering off QE could cause so much turmoil in the Philippine Stock Market this last few days, that belies the government’s assurances that the economic fundamentals of the country are sound.

    Despite the impressive GDP growth of 2012, the benefits have not really trickled down to where they are needed most. That in itself is an indication that the economic fundamentals are not sound. Should this continue, there will be social unrest. No different from what happened in Indonesia and South Korea in 1998 and 1999 respectively. As far as I can remember, Fitch, S&P and Moody’s failed to factor in the risks of social upheaval in their analysis in those days.

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