Stocks gain for second session

The local stock barometer gained for a second session on Tuesday, bringing the main index back to the 6,400 level, as a recovery in most regional markets boosted investors’ risk-taking appetites.

The main-share Philippine Stock Exchange index added 66.56 points or 1.04 percent to close at 6,466.55. Across the region, stock markets traded on the upside as jitters over Ukraine waned.

All counters ended in positive territory but the industrial, services, mining/oil and property counters were the biggest gainers, all surging by over 1 percent.

Value turnover for the day amounted to P7.82 billion. There were 97 advancers that beat 67 decliners while 41 stocks were unchanged.

One big index gainer for the day was SMC (+9.3 percent) on the back of a play on earnings and asset sale prospects.

Another big PSEi gainer was MPI (+3.52 percent) ahead of the release of earnings results, while ALI and EDC both surged by over 2 percent.

PLDT, URC, AC, Metrobank, GTCAP, ICTSI and BDO also performed strongly, all gaining by over 1 percent.

Meralco, AP, BPI, Jollibee, DMCI, SMIC and SM Prime also contributed to the day’s gains.

Foreign investors remained in a net buying position for the day, resulting in a net foreign buying position of about P334 million.

In a research note dated March 17, COL Financial head of research April Lee-Tan said investors must not be carried away by the market’s strength given continuing volatility in emerging markets and uncertainties on the US Federal Reserve’s tapering of monetary stimulus.

She said these factors could once again put an upward pressure on domestic interest rates or cause the peso to weaken. Doris C. Dumlao