Local stocks pulled back on Tuesday as investors pocketed gains after a dizzying climb to new highs breaching 7,100. The main-share Philippine Stock Exchange index gave up 138.12 points or 1.94 percent to close at 6,982.36. This was after rallying on Monday by 2.35 percent to an all-time high of 7,120.48.
The local stock index surged to a new record high Friday as investors bought local equities in anticipation of strong first-quarter corporate results and an investment-grade rating from a second global credit-watcher.
San Miguel Corp. has raised $800 million from a 10-year overseas bond sale, setting a new record as the biggest US dollar-denominated corporate bond issue out of the Philippines.
Local stocks gained modestly on Thursday as selective buying kept the main index afloat amid lackluster regional markets.
Local stocks regained ground on Wednesday after a two-day decline as improved US economic data boosted regional markets.
Local stocks were mostly higher on Monday on news of the recommissioning of one unit of the Bacman geothermal plant as well as expectations of further cuts in the Bangko Sentral ng Pilipinas’ special deposit accounts rates.
The local stocks index soared to new heights, breaching 6,900 on Monday but gave up hefty intra-day gains at close as profit-taking dominated the afternoon session.
The Philippine Stock Exchange has rolled out an online trading platform meant to expand the country’s thin domestic investor base using technology that stock brokers can collectively use to trade equities “in a totally mobile environment.”
Local stocks gained ground for the fourth straight session on Tuesday, on the back of Holy Week bargain-hunting alongside some quarter-end window-dressing.
Local stocks gained for a third session on Monday as risk appetite across the region was boosted by a bailout deal for Cyprus.
Discovery World Corp., operator of upscale beach resort Discovery Shores Boracay, is planning to debut on the local stock exchange to raise as much as P1 billion for its expansion program.
Local stocks are seen to consolidate this week after the profit-taking seen in the previous week.
