PH shares rise, mirror gains in the region

The benchmark Philippine Stock Exchange (PSEi) Index rose on Wednesday to close above the 7,000 level as it mirrored gains in the region after the strong rally on Wall Street overnight.

The PSEi went up 1.16 percent, or 112.66 points, to 7,099.68 while the broader all shares index added 1.23 percent, or 52.57 points, to 4,342.28.

US equities markets posted strong gains the night before, with the Dow Jones Industrial Average rising over 500 points amid strong corporate earnings data.

“The rally in the US boosted markets in the Philippines and the region,” Astro Del Castillo, First Grade Finance Inc. managing director, said on Wednesday.

He noted, however, that the relatively low volume meant that many investors stayed on the sidelines.

Data from the PSE showed that some 527.6 million shares valued at P5.7 billion changed hands yesterday.

Market observers said the next resistance areas for the PSEi were at 7,100 and then 7,300.

Gains on Wednesday were broad-based as all subcounters ended in positive territory.

The largest jump came from mining and oil, which gained 2.74 percent. Not far behind were financial stocks, which added 2.73 percent, followed by industrial, up 2.7 percent.

There were 129 gainers against 57 losers while 46 companies closed unchanged.

Data from the PSE showed that SM Prime Holdings Inc. was the most actively traded on Wednesday. The real estate arm of the SM Group, one of the country’s largest consumer conglomerates, rose 1.49 percent to P34 per share.

It was followed by SM Investment Corp., unchanged at P850, Philippine Seven Corp., unchanged at P110, Vulcan Industrial and Mining, down 5 percent to P2.47, and Ayala Land Inc., up 1.49 percent, or 40.80 per share.