Philippine bourse closes higher despite profit-taking

MANILA, Philippines—Local stock prices closed a bit higher on Tuesday alongside global optimism that the fiscal contagion in the Euro zone may be contained beginning with the resolution of the crisis at its epicenter in Greece.

The main-share Philippine Stock Exchange index added 0.7 points, or 0.016 percent, to finish at 4,289.99. The index breached the crucial 4,300 barrier in intra-day trade, taking cue from the upbeat overnight trading in Wall Street, but it succumbed to late-session profit-taking.

Overnight, Dow Jones Industrial Index rallied by 108.98 points, or 0.91 percent, up to 12,043.56 on news that French banks had agreed to restructure Greece’s debt, giving the latter more breathing room.

The marginal rise in the local index was supported by modest gains eked out by the financial and services counters, which had offset the decline by the industrial, holding firms, property and mining/oil counters.

Turnover amounted to P5.56 billion. Despite the overall index gain, buyers were selective. The 60 advancers were slightly outnumbered by 63 decliners while 41 stocks were unchanged.

PLDT, Aboitiz Power, AGI, Metro Pacific Investments, First Gen, ICTSI and DMCI led the index gain. Atlas also advanced as this recent market favorite resumed trading. San Miguel, Security Bank and Atlas’ affiliate Anglo Philippine also gained in heavy volume.

On the other hand, the index rise was capped by profit-taking on Lepanto “A” (open only to local investors), SM Prime, Philex, EDC, Meralco, SM Investments, URC and Ayala Corp.