Philippine stocks rise in thin trade

MANILA, Philippines–Local stocks trekked higher in thin trade on Monday on the back of combined yearend window-dressing and selective equities positioning for the coming year.

The main-share Philippine Stock Exchange index added 14.82 points or 0.04 percent to finish at 4,387.06. The “Santa Claus” rally was also aided by an improved outlook on the US economy that allowed US stocks to recoup the year’s losses last week.

On Friday, the Dow Jones Industrial Index surged by 124.35 points or 1 percent to 12,294. On Monday, most Asian stock markets also advanced ahead of the expected release of data suggesting slower decline in US home prices and improvement in US consumer confidence.

At the local market, the index was supported by the modest gains eked out by the industrial, holding firms, property and services counters.  The financial and mining/oil counters, on the other hand, were battered by profit-taking.

Value turnover was thin at P2.75 billion as many trading participants were still in a holiday mode.  There were 77 advancers versus 69 decliners while 49 stocks were unchanged.

DMCI, Semirara, PLDT, ICTSI, AGI, SM Prime, SMC, MPIC, AEV and Belle led the index higher.

JTH Davies also traded higher in extraordinary volume, aided by a 100-million block sale believed to be in line with the backdoor listing of the STI educational group.

Puregold and FEU also ended in the green and made it to the day’s list of most actively traded stocks.

On the other hand, BDO, Lepanto “A” (open only to local investors) and EDC ended lower.  APC was also in the red.