Local stocks on the upswing as week ends

Photo from pse.com.ph

MANILA, Philippines—Most local stocks surged on Friday on the back of month- and quarter-end window-dressing alongside mostly buoyant regional markets.

The main-share Philippine Stock Exchange index surged by 44.61 points or 0.84 percent to close at 5,346.10, nearing all-time highs. The main index is up for the second straight day.

The upswing was led by cyclical counters financial and property sub-indices which respectively rallied by 1.11 percent and 1.27 percent. The mining/oil index was in the red (-2.41 percent) due to concerns over the monetary penalty on Philex and the implementing rules of the mining policy framework which were deemed unfavorable to the industry.

Dealers said month- and quarter-end window-dressing boosted the share prices of many index stocks.

Value turnover amounted to P6.81 billion. There were 86 advancers which edged out 72 decliners while 55 stocks were unchanged.

The day’s biggest index gainers were URC (+5.94 percent), FGEN (+4.06 percent), AGI (+3.23 percent), Globe (+3.21 percent), JG Summit (+2.85 percent), BDO (+1.72 percent), SM Prime (+1.72 percent), BPI (+1.66 percent), RLC (+1.49 percent) and ALI (+1.49 percent).

PLDT, Megaworld, SMIC, DMCI, ICTSI and MWC also contributed gains to the index.

Among non-index stocks, Security Bank (+1.17 percent) also benefited from the day’s upswing.

On the other hand, the day’s index laggers were Metrobank (-0.11 percent) and Ayala Corp. (-0.65 percent).

Overnight, the Dow Jones Industrial Index rose by 0.54 percent to 13,485.97 while regional markets were mostly higher as investors were appeased by news that Spain had released its 2013 budget. Investment bank credit Agricole CIB said the “ambitious Spanish budget likely to be welcomed by the EC (European Community).”