Buoyant regional markets push PH shares back to 8,200 | Inquirer Business

Buoyant regional markets push PH shares back to 8,200

By: - Business Features Editor / @philbizwatcher
/ 05:11 AM October 03, 2017

The local stock barometer climbed back to the 8,200 level on Monday, riding on a regional upswing driven by upbeat factory data out of China and Japan.

The main-share Philippine Stock Exchange index gained 84.85 points or 1.04 percent to close at 8,256.28, beginning last quarter trading on a positive note.

Regional risk-taking was supported by news that China’s September factory activity expanded at the fastest pace in five years while several indicators out of Japan likewise indicated a pick-up in manufacturing output.

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At the local market, the day’s upswing was led by the holding firm sub-index, which rose by 1.97 percent while the financial and property counters likewise advanced by 0.78 percent and 0.94 percent, respectively.

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“Markets began their positioning to kick off fourth quarter 2017 by buying up the market once more,” said Regina Capital Development managing director Luis Gerardo Limlingan.

“There was also a spillover as US stocks ended the month (of September) on a stronger note,” Limlingan added.

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

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Value turnover for the day amounted to P7.41 billion.

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There were 107 advancers that edged out 96 decliners while 52 stocks were unchanged.

Investors picked up shares of GT Capital and RLC, which both surged by over 3 percent, while AGI—the most actively traded company for the day—gained 2.24 percent.

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SM Investments, SM Prime, Ayala Corp., BPI and Security Bank all rose by over 1 percent.

RRHI, which debuted on the PSEi last Sept. 28, added 1.01 percent.

Meralco and DMCI also contributed modest gains to the PSEi.

Notable gainers outside the PSEi were East West Bank (+2.62 percent) and SMC preferred shares (+0.26 percent).

PLDT lost 1.74 percent while URC, Jollibee and BDO all slipped.

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EDC, which was replaced by RRHI in the PSEi, fell by 1.96 percent.

TAGS: Business, Local Stock

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