Stocks continue to advance

Local stocks advanced for the third day in a row Monday, allowing the main index to breach 6,600, as global markets reassessed earlier expectations on the US Federal Reserve’s tapering of an aggressive asset buyback program.

The main-share Philippine Stock Exchange index (PSEi) gained 45.74 points or 0.7 percent to close at 6,619.95, likewise boosted by optimism over the second-quarter local corporate earnings reporting season. Investor sentiment was also aided by mostly firmer regional market, in turn due to China’s meeting of second-quarter growth expectations and recent moves to liberalize investment quotas for qualified foreign institutional investors.

The day’s upswing was led by the holding firm, mining/oil and property counters, which all gained more than 1 percent. Only the financial index declined for the day. Value turnover amounted to P6.87 billion. There were 86 advancers that edged out 65 decliners.

Property firms were the biggest index gainers: Megaworld (+3.4 percent), SM Prime (+2.94 percent) and Robinsons Land (+2.9 percent). The US Fed’s indication that a sustained monetary easing was necessary signaled that the regime of record-low interest rates might not end soon as earlier feared.

SM Investments, Jollibee, Alliance Global, Semirara and Globe also contributed to the day’s upswing, all rising more than 2 percent while Aboitiz Equity Ventures and index heavyweight PLDT—the day’s most actively traded company—also gained over 1 percent.

On the other hand, the day’s index laggers were BPI, ICTSI, Belle, Ayala Corp. and BDO. Philex, Metrobank, Energy Development Corp., Metro Pacific Investments and Petron also dipped. Doris C. Dumlao

Follow Us

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.

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