Philippine stocks inch upward

MANILA, Philippines—Many local stock prices climbed marginally higher on Wednesday while lingering debt woes in Europe weakened global markets.

The main-share Philippine Stock Exchange index added 3.31 points, or 0.08 percent, to finish at 4,285.93.

Across the region, trading was muted by concerns on the European fiscal contagion as well as the US Federal Reserve’s reluctance to introduce new measures to perk up the US economy.

The local market was kept afloat by modest gains posted by the financial, property, services and mining/oil counters. On the other hand, the industrial and holding firm counters were in the red.

Turnover amounted to nearly P5 billion.

There were 89 advancers versus 63 decliners while 38 stocks were unchanged.

The index was led higher by EDC, First Gen, Metrobank, Metro Pacific Investments, Semirara, PLDT and Megaworld.  Puregold, LR and APC were likewise up in heavy trade.

On the other hand, the PSEi’s gains were tempered by the decline in the share prices of SM Investments, BDO, Cebu Air, BPI, DMCI, URC and AGI.  There was also some profit-taking on Lepanto A (open to local investors).

Dealers said the day’s trading was tempered by continuing concerns in Europe, specifically amid concerns that Moody’s may downgrade sovereign issuers in the eurozone. Some are taking selective position for the coming year.

“Considering that the Dow index was down last night, we did pretty well.  We were not affected by the rest of the world,” one dealer said.

The Dow Jones Industrial Index fell by 66.45 points, or 0.55 percent, overnight to 11,954.94.