PH stocks continue to rise

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Stocks closed in the green for a third-straight session on Wednesday despite a report showing that manufacturing in China unexpectedly weakened.

Analysts attributed the strong showing of local stocks to investors already positioning here ahead of the second-quarter earnings season.

The Philippine Stock Exchange index (PSEi) closed up 0.9 percent, or 60.95 points, to 6,804.16 while the broader all-shares index gained 0.91 percent, or 37.44 points, to 4,133.92.

Sub-indices ended mixed, with industrials, financials, property and holding firms closing in the green. Leading the pack was the property sub-index, which gained 1.51 percent. Services and mining and oil dipped 0.20 percent and 0.56 percent, respectively.

“We saw continued buying on select issues ahead of corporate earnings [reports],” said Astro del Castillo, managing director at First Grade Finance Inc.

Data from the PSE showed that 1.2 billion shares changed hands on Wednesday valued at P8.015 billion. There were 93 advancers against 64 decliners while 52 companies were unchanged.

Leading the list of actively traded stocks was Alliance Global Group Inc., tycoon Andrew Tan’s holding firm for gaming, liquor, property and fast food outlet McDonalds. It gained 3.85 percent to P27 a share yesterday.

This was followed by Cosco Capital Inc. (+5.26 percent to P11.20), SM Investments Corp. (+1.05 percent to P960), Philippine Long Distance Telephone Co. (+0.71 percent to P3,078) and Ayala Land Inc. (+1.62 percent to P31.40).

Other actively traded companies were BDO Unibank Inc., Manila Electric Co., Ayala Corp., Metro Pacific Investments Corp. and Universal Robina Corp.—Miguel R. Camus

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • Zim

    I poor will remain poor because they are not willing to uplift themselves from poverty. Kung makikita mo lang mga tambay dun sa amin, kahit ayain mo magwork sa construction, tawanan ka lang, magbasura na lang daw siya kaysa mag-construction.

  • I’m Yellow & I’m a Retard

    Now that we’ve reached Triple BBB, we’ll soon attain the much coveted Triple AAA credit rating:

    Triple BBB = Biazon Bilking BoC

    Triple AAA = Aquino, Abad & Abaya
    ==> Aquino’s profligate spending & dole-outs
    ==> Abad’s fortified and generous cuts of pork
    ==> Abaya’s lucrative kickbacks from PPP

  • Ako_Hiking

    Good news that stocks will continue to rise but the more important issue is how about unemployment and the poverty rates? Will those also continue to rise? Coz if so then stocks will be pointless if the masses remain poor.

    • Marcial Abila

      Hinde gobyerno magpapayaman sa mga individual na pilipino.ang individual na pilipino ang mag papayaman sa gobyerno.hinde ang gobyerno ang aahon sa mga individual na nsa kahirapan sa buhay.ang mismo indvidual dapat iahon nya sarili sa kahirapan.

      • Ako_Hiking

        You solution is blame the people. Seems very elitist on your part. The problem with your theory is that the government is supposed to help put people in the position to earn yet due to the high unemployment rates that is not happening. Instead, the government is appearing to be the ones getting rich due to the scams happening from the pork barrels.

      • Marcial Abila

        Intindihin mo mabuti ang wording sa sinabi ko isipin mo malalim sana marunong kanito d puro kababawan lng kaya mo

      • blue_57

        Help not full support. Ang problema sa iba gusto lahat ibibigay ng gov’t.

      • Ako_Hiking

        Unfortunately help from the government and the Aquino Administration has been little or non-existent when it comes to helping the poor. This little help trickle down effect even goes down to the children of the poor.

    • crisostomo_ibarra_the3rd

      Bro, unemployment and poverty is not related at all to the stock market. The stock market is for people who have the money. These people make their money work for them while the rest work for their money. Leave the stock market alone. That is not for the unemployed and the poor. The poor and the unemployed only need to be creative. See how the poor and unemployed worked hard to earn a living and a good fortune just because they have the drive to succeed. Ask Aling Trining to tell her story and you will be amazed on what an unemployed, poor mother of 8 was able to accomplish.

      • Ako_Hiking

        The point that was being made is that while numbers and figures allude that the economy is improving since stocks are rising since as you said it is for people who have money…the truth is that while a few are rich there are millions upon millions more who are either poverty stricken and unemployed.

      • crisostomo_ibarra_the3rd

        The stock market is not the be all and end all of the economy. Its contribution is not directly for the unemployed or the poor. It is directly for the people who have the money to play the market. You have bargain hunters and profit takers and only those with money can play the game. The unemployed and the poor? NAH! Not at all related.

  • boboposter

    7000? no… 6100!

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