Monday, May 28, 2018
  • share this

PH stock index keeps gaining over good economic prospects

/ 07:43 PM January 23, 2014

PSE index as of January 23, 2014, 3:46 PM. Screengrab

MANILA, Philippines — Local stock barometer extended its winning streak for the seventh session on Thursday on upbeat economic prospects.

The main-share Philippine Stock Exchange index gained 30.19 points or 0.49 percent to close at 6,170.05.  This happened even as many other Asian markets were weighed down by a weak manufacturing gauge on China.

The day’s upswing was led by the financial counter (+1.54 percent) as several foreign houses issued a favorable rating on big banks.


There were 87 advancers that beat 70 decliners while 45 stocks were unchanged.  Value turnover amounted to P7.2 billion.

“The PSEi has finally rallied strong on recognition of continued bright economic outlook and with corporate earnings ahead,” stock brokerage DA Market Securities said in a research note.

DA Market said some profit-taking might be expected as the index approaches initial resistance at 6,265. “Next resistance at 6,482 is pivotal to break out of a larger downtrend,” the brokerage said.

The brokerage house said its PSEi target was conservatively capped at 10 percent gain in 2014 but added that several stocks were poised to outperform the local index.  Any dip at 6,000 and below would be a buying opportunity, it said.

Among the large cap stocks that gained in heavy volume were LTG (+5.26 percent), JG Summit (+3.88 percent) and BDO (+3.83 percent). AGI gained by 2.86 percent while MPI and RLC advanced by over 1 percent.

Metrobank, SMIC, ALI, BPI, Megaworld and GTCAP also contributed to the PSEi’s gain.

Outside of the main index, Security Bank (+2.69 percent) advanced in heavy volume on a favorable rating from JP Morgan along with BDO and Metrobank.

On the other hand, URC, AC, Globe and FGEN traded lower.



PSEi rallies on year’s best trading day

US stocks end mixed on mediocre earnings

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Markets and Exchanges, Philippine economy, Philippine Stock Exchange, Stock Activity, Stock Market
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.