Local stock index up ahead of window-dressing

Philippine Stock Exchange.  AFP FILE PHOTO

MANILA, Philippines — The local stock crept higher for a third straight session on Tuesday in anticipation of semester-end window-dressing activities.

The main-share Philippine Stock Exchange index gained 31.08 points or 0.46 percent to close at 6,793.07.

“Local stocks are expected to rally ahead of semestral window dressing but this will likely be short-lived due to concerns on inflation and rising oil prices,” said Manny Cruz, chief strategist at local stock brokerage Asiasec Equities Inc.

Cruz said the rally may encounter resistance at 6,830 but if this is breached, there could be a “very strong” barrier at 6,916.

By counter, the day’s biggest gainer was the holding firm sub-index which rose by 1.04 percent. The financial, industrial and property counters likewise firmed up.

On the other hand, the services and mining/oil counters slipped.

Turnover for the day amounted to P7.67 billion. There were 110 advancers against 69 decliners while 45 stocks were unchanged.

The PSEi was led higher by SMIC (+2.38 percent), the day’s most actively traded stock alongside DMCI (+1.21 percent). Metrobank, AGI, FGEN, GTCAP, PLDT, SM Prime, URC, BPI, EDC and Megaworld were also up.

Outside of the main index. Belle (+5 percent) was a notable gainer.

On the other hand, there was profit-taking on Philex (-1.72 percent) as well as on AC, ALI and Globe. Outside of PSEi stocks, Travellers (-1.1 percent) and SECB (-0.91 percent) likewise slipped in relatively heavy volume.

GMA7 shares were up 3.24 percent to close at P7.65 per share following a disclosure that San Miguel Corp. president Ramon S. Ang is coming in as a fourth key shareholder.

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