Stocks continue to rise

Philippine stocks closed higher for a third-straight session Friday on month-end window-dressing.

The benchmark Philippine Stock Exchange index (PSEi) ended up 1.1 percent, or 70.2 points, to 6,424.99 while the broader all-shares index was up 0.89 percent, or 34.26 points, to 3,866.66.

All subcounters closed in the green, led by property firms, which gained 2.43 percent, followed by industrial companies, up 1.6 percent.

“Buying demand has been sustained as companies continue to release positive earnings guidance,” Nisha Alicer of DA Market Securities Inc., said.

The analyst cautioned, however, that overbought indicators and rising valuations might prompt profit-taking in the near-term.

“Meanwhile, laggards are starting to pick up and look to keep the market buoyant,” Alicer said.

Data from the Philippine Stock Exchange showed that there were 104 advancers as against 57 decliners, while 51 companies were unchanged.

A total of 1.59 billion shares changed hands valued at P11.04 billion.

The top traded stock was port tycoon Enrique Razon’s International Container Terminal Services Inc., which dropped 2.07 percent to P96.95 each. This was followed by JG Summit Holdings (+1.63 percent to P46.90), Ayala Land Inc. (+4.45 percent to P30.50), Philippine Long Distance Telephone Co. (+0.45 percent to P2,696) and Megaworld Corp. (+1.2 percent to P4.20).

Alicer said investors were positioning for stocks with March dividend ex-dates while gaming was an area investors were looking into. Miguel R. Camus