Stocks end higher

Most local stocks resumed trading in an upbeat mood Wednesday, lifting the main index back to the 5,300 level, as investors tracked buoyant regional sentiment.

The main-share Philippine Stock Exchange index added 24.51 points or 0.46 percent to finish at 5,308.67, aided by the property counter which jumped by 2.88 percent.

Across the region, stock markets were mostly higher as investors pinned their hopes on further stimuli from the United States and Europe.

Trading was mixed in the local market, with the property counter making up for the slack in industrial, holding firm and mining/oil sectors. The financial and services counters were also mostly higher. Value turnover amounted to P6.11 billion. There were 71 advancers against 80 decliners while 55 stocks were unchanged.

The market was led higher by blue chips Ayala Land (+5 percent), PLDT (+1 percent), Megaworld (+3.6 percent), BPI (+3.3 percent), AGI (+2.3 percent) and Metro Pacific Investments (+2.17 percent). Among non-index stocks, the notable gainer was Tanduay, which surged 12.87 percent.

Eagle Equities Inc. president Joseph Roxas said there could be some investors reallocating some funds from other conglomerates to Tanduay following the announcement of the consolidation of tycoon Lucio Tan’s assets into this vehicle. Conglomerates SMIC and Ayala Corp. were down by 3.56 percent and 1.4 percent, respectively.

Roxas said the strong performance of property stocks could be a play on high-rise residential development in the aftermath of another great flood in Metro Manila.

But Jose Mari Lacson, head of research at Campos Lanuza and Co., said Wednesday’s movements might be technical in nature. “Megaworld has been strengthening in the past few weeks. I would imagine though that there would be some concerns over the malls because of the floods. But then SM, SM Prime, RLC, ALI and FLI performances are mixed,” Lacson said. Doris C. Dumlao

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Tags: Business , News , Philippine Stock Market