Quantcast
Latest Stories

PH stocks ride on upbeat Asian markets

By

MANILA, Philippines—The local stock market firmed up on Monday as good trade data out of China and Japan’s hosting of the 2020 Olympic games perked up Asian equity markets.

The main-share Philippine Stock Exchange index added 22.42 points or 0.38 percent to close at 5,997.04. The main index, however, is still struggling to hurdle the 6,000-mark.

All counters gained as last week’s sell-off attracted some bargain-hunting.

Value turnover was still thin at P5.4 billion. There were 89 advancers that outnumbered 53 decliners while 32 stocks were unchanged.

In a research note, local stock brokerage DA Market Securities said the PSEi had support at 5,680, near the recent lows of 5,678 (June) and 5,562 (August).

“On a five-year chart, major support remains at the 5,219 level. These levels present better areas of support and buying opportunity. Money management remains key. It must be noted that the PSEI remains to be in an intermediate downtrend (since late May) amid a five- year uptrend (since March 2009),” DA Market said.

The day’s biggest PSEi gainers were AP, DMCI and Meralco, which all firmed by over 2 percent while URC, FGEN, AGI and SMIC also advanced by over 1 percent. RLC, AC and BDO also contributed modest gains.

On the other hand, the day’s biggest decliners was MWC (-2.15 percent) while Petron and MPI both fell by over 1 percent. The market is cautiously awaiting water regulators’ decision on a consumer complaint against the two private concessionaires MWC and Maynilad, an operating unit of MPI.

Meanwhile, Asian markets were mostly higher led by China and Japan. Shanghai’s CSI rose by over 3 percent as of the local market’s closing time on news that China’s exports had grown faster than anticipated and also in anticipation of fresh measures allowing bank recapitalization in the mainland. Japan’s Nikkei225 likewise jumped by 2.48 percent on news that Tokyo was selected as the venue for the Summer Olympics in 2020.


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

  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • 57-nation group plays key Ukraine monitoring role
  • French President Hollande’s top aide resigns
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Business

  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • Marketplace