Stock index closes higher for 6th straight day

MANILA, Philippines—Most local stock prices firmed up for the sixth straight session on Friday aided by yearend window-dressing and favorable news about the US economy.

The main-share Philippine Stock Exchange index added 1.78 points or 0.04 percent to finish at 4,372.24, staying afloat even some blue chips succumbed to profit-taking.  For the week, the local stock barometer crept higher by 67.3 points or 1.6 percent.

All counters traded in positive territory except for services.

Turnover amounted to P8.3 billion, including P4.7 billion in block transactions as ISM Communications led by former Trade Minister Roberto Ongpin completed the takeover of a controlling stake in Philippine Bank of Communications.

There were 94 gainers against 63 decliners while 43 stocks were unchanged.

Among the stocks that aided the main index were BDO, SM Investments, Semirara, DMCI, Aboitiz Power, Ayala Corp. and BPI.  Among the non-index stocks that traded higher in heavy trade were Puregold, APC and Lepanto A (open to local investors).

Two stocks affiliated with the group of businessman William Gatchalian were among the day’s top gainers.

Philippine Estates Corp. (PHES) and Wellex Industries (WIN) surged by 18.09 percent and 16.67 percent, respectively, on expectations that they could benefit from the prospective development of the group’s 60-hectare Plastic City in Valenzuela.

Both PHES and WIN said they were not involved in talks with the prospective investor Ayala Land Inc., noting the company in negotiations was Plastic City. But they did not rule out a potential involvement in the future. In case they will be part of the project, they said they would “make a disclosure in an appropriate time.”

On the other hand, the PSEi’s gains for the day were tempered by profit-taking on ALI, AEV, EDC, PLDT, AGI, Megaworld, Metro Pacific Investment, Metrobank, URC and First Gen.

Overall, sentiment was buoyant following reports that unemployment claims in the US have dipped to their lowest level since April 2008.  Overnight, the Dow Jones Industrial Index rose by 61.91 points or 0.51 percent to 12,169.65.