Stocks continue to recover

Most local stocks rose for the third straight session Friday, perking up the main index by 3.15 percent, on the back of combined bargain-hunting and quarter-end window-dressing.

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

All counters traded higher but the sharpest gains were posted by the mining/oil counter, which surged 5.2 percent.  Holding firms, banking and property counters were likewise up more than 3 percent.

Value turnover amounted to P4.82 billion. Foreign investors helped boost the market as net foreign buying exceeded selling by P490 million.

There were 118 advancers that overwhelmed 32 decliners while 34 stocks were unchanged.

Investors snapped up shares of Alliance Global, 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, Energy Development Corp., 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 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. Doris C. Dumlao