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

  • Drunk passenger triggers Bali hijack alert
  • Businesswoman allegedly killed by husband, brother-in-law
  • Roxas suspended from golf club for outburst over P5,000 guest fee
  • SC reschedules oath-taking of new lawyers
  • Ex-COA chief seeks bail after arrest for plunder
  • Sports

  • Guiao fined P100,000 for ‘mongoloid’ comment vs Meralco forward
  • Hawks and Grizzlies revel in home wins
  • Floyd: Manny’s power gone
  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Plane lands at Bali airport in suspected hijacking—Indonesia air force
  • Obama lands in Seoul as N. Korea nuclear test fears grow
  • Militant protests vs Obama, US set
  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Marketplace