Stocks end higher

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The local stocks index rebounded yesterday on the back of selective buying despite a string of global uncertainties.

The main-share Philippine Stock Exchange index regained 24.46 points or 0.45 percent to close at 5,439.28, led by the property (+0.94 percent) and industrial (+0.76 percent) counters. This developed as some investors took advantage of the previous day’s pullback to pick up selected stocks.

The outperformers among PSEi stocks were Jollibee (+4.27 percent), ALI (+2.24 percent), FGen (+1.97 percent), Globe (+1.95 percent), EDC (+1.62 percent), JG Summit (+1.19 percent) and AC (+1.03 percent). Meralco, PLDT, Metrobank, BDO, SMIC, AGI and BPI also contributed to the day’s gains.

By counter, only the mining/oil sector ended in negative territory for the day, weighed down by Philex Mining (-3.43 percent).

DMCI, URC, Megaworld and SMC also ended in the red.

Value turnover amounted to P5.98 billion. There were 75 advancers against 74 decliners while 52 stocks were unchanged.

For the week, the main index was 0.5-percent lower as the climb to new record highs triggered some profit-taking.

Across the region, trading was mixed due to concerns over the “fiscal cliff” in the United States, referring to a situation wherein a number of expiring tax incentives would reduce budget spending and deficits but heighten the risk of recession. Doris C. Dumlao

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