Global markets prop up local share prices

Stocks firmed up for the third straight session Friday on the back of window-dressing activities and more stable global markets.

The Philippine Stock Exchange index gained by 137.28 points, or 2.17 percent, to close at 6,465.28. Despite the dip seen earlier in the week, the gains of the last three days allowed the index to rise by 283.11 points, or 4.5 percent—its first weekly gain in five weeks.

All counters rose but the biggest gain was posted by the mining/oil counter (+3.4 percent), which was led by Semirara (+13.82 percent).

Other stocks that led the index higher were Globe (+8.05 percent), URC (+5.93 percent), SMIC (+5.42 percent), Jollibee (+4.23 percent), AC (+3.57 percent), AEV (+3.51 percent, ALI (+3.4 percent), ICTSI (+3.33 percent) and BPI (+2.78 percent).

Dealers said the market tracked upbeat regional markets while month-end and quarter-end window-dressing activities also boosted share prices.

There were 96 gainers against 71 decliners at the local market. Value turnover amounted to P15.3 billion.  Doris C. Dumlao