Philippine stocks rise on pent-up demand

MANILA, Philippines—Local stocks gained on Tuesday on the back of some pent-up demand during the long weekend break as well as month-end window-dressing activities.

The main-share Philippine Stock Exchange index added 32.27 points, or 0.63 percent, to close at 5,175.62 led by ALI and AGI whose share prices both surged by over 4 percent.

Supported by the gains of ALI and AGI, the holding firm and property counters led the day’s upswing, respectively rising by 1.02 percent and 2.45 percent. The index gains were tempered, however, by the decline of the services and mining/oil counters.

There were 82 gainers versus 68 decliners while 44 stocks were unchanged. Value turnover amounted to about P4.86 billion.

Other index stocks that contributed to the day’s rise were Metrobank, SMIC, AC, URC, SM Prime, DMCI and AEV. Among non-index stocks, one outperformer was Puregold (+3.54 percent), which is expected to post P2.63 billion in net profits this year, 71 percent higher year on year, as derived from the company’s revised net margin and consolidated sales guidance.

On the other hand, the day’s upswing was curbed by the decline of shares in PLDT, Cebu Air, AP, Meralco and Security Bank. ABS-CBN-PDR likewise closed lower.

Across the region, trading was mixed ahead of a meeting of central bankers in Wyoming later in the week while markets await indications of further bond buyback activities by the US Federal Reserve.