PH share prices maintain uptrend

MANILA, Philippines – Local stocks extended their winning streak on Friday, still riding on the telecom euphoria alongside renewed foreign investor confidence in local macroeconomic fundamentals.

The main-share Philippine Stock Exchange index added 74.40 points or 1.83 percent to finish at 4,129.54. For the entire week, the index gained a hefty 253.73 points or 6.5 percent as the PLDT-Digitel consolidation deal brought back excitement to the maturing telecom industry.

Index heavyweight PLDT, which has a 15 percent weight on the index, resumed its uptick after the previous day’s pause. Shares of PLDT were up by 1.38 percent to P2,356 per share.

Rival Globe Telecom succumbed to profit-taking for the session, giving up 3.5 percent to P860 per share.

PLDT, which will now control 70 percent of the telecom market, has reiterated that it would keep the cheap unlimited voice and text messaging services offered by Sun Cellular, whose operator Digitel it acquired in a P74-billion share-swap deal with the Gokongweis.

The mood was upbeat throughout the session as foreign investors were back on the prowl for local bargains, thereby allowing the index to breach a key barrier at 4,100.

“Foreign funds have shown renewed interest in the market on the back of generally optimistic outlook for the economy this year,” said PNB Securities deputy head Manuel Lisbona.

The upswing was led by the financial, industrial and property counters, which jumped by 2.38 percent, 2.6 percent and 2 percent, respectively.

Value turnover was heavy at P6.16 billion.

There were 74 advancers as against 47 decliners while 46 stocks were unchanged.

Aside from PLDT, investors loaded up on shares of Ayala Land, Aboitiz Equity Ventures, Cebu Air, EDC, Meralco, Ayala Corp., Aboitiz Power, First Gen, Holcim, SM Investments, PNB, Metro Pacific, Metrobank and Jollibee.

Other stocks that fell on profit-taking aside from Globe were Semirara Mining and Leisure & Resorts.

The local stock market shrugged off lackluster overnight trading on Wall Street. The Dow Jones Industrial Index was down by 30.88 points or 0.25 percent to 12,319.73 on Thursday.