PH stock prices rise for third straight day

MANILA, Philippines – Most local stock prices rose for a third straight session on Friday, perking up the main index by 3.15 percent, on a mix of bargain-hunting and quarter-end window-dressing.

The main-share Philippine Stock Exchange index recouped 122.02 points to finish at 3,999.65.   Despite a sluggish start earlier this week, the index has gained 113.69 points or 2.9 percent this week.

All counters traded higher but the sharpest gains were recorded by the mining/oil counter, which surged by 5.2 percent. The holding firms, banking and property counters were likewise up by over 3 percent.

Turnover amounted to P4.82 billion.  There were 118 advancers against 32 decliners while 34 stocks were unchanged.

Investors snapped up shares of AGI, PLDT, Lepanto A (open only to local investors), Philex, SM Prime, Metrobank, Semirara, Lepanto B (open to local and foreign investors), Security Bank, Banco de Oro, Ayala Land, EDC, BPI, Aboitiz Power, Metro Pacific Investments, SM Investments, First Gen, San Miguel Corp., ICTSI and Megaworld.

An improved global risk appetite also aided local equities.  The Dow Jones Industrial Index rallied by 143.08 points or 1.3 percent to 11,153.98  overnight on fewer claims for jobless benefits as well as Germany’s approval of an extended bailout fund for debt-strapped European states.