RP shares rise on improving domestic economy
CHERYL M. ARCIBAL, GMANews.TV08/27/2009 | 03:24 PM
More Share Philippine shares on Thursday slightly rose on the back of an improved domestic economy.
The bellwether 30-company Philippine Stock Exchange index jumped 17.87 points or 0.6241 percent to 2,881.40 while the broader all shares climbed 9.82 mbt anti shoe points or 0.5403 percent to 1,827.21.
Four of the six sectoral indices closed in discount mbt shoes the green, led by Property's 2.497-percent leap and Mining and Oil's 1.925-percent improvement.
Industrial and Services, on the other hand, retreated, declining by 0.01397-percent dip and Services' 0.0416-percent plunge.
Market breadth was positive with 69 gainers against 53 losers and 55 stocks which closed unchanged.
Volume traded reached 6.292-billion stocks worth P3.778 billion.
“Economic reports locally and overseas, particularly, the US’, improved. The local bourse’s movement, however, was capped by the overnight flat turnout of Wall Street," said Nikka Maloles, analyst at online stock portal 2TradeAsia.
The government reported that the Philippine economy posted a growth of 1.5 percent in the second quarter, erasing fears that the domestic output would slip into the negative zone.
Overnight, the Dow Jones indutrial average advanced by a mere cheap mbt shoes four points.
Meanwhile, in Asia, most bourses, such as Hong Kong, Japan, Shanghai, South Korea and Taiwan’s were down.
Despite the positive performance of the market, foreign investors were net sellers for the day.
While total foreign buying reached P1.042 billion, total foreign selling amounted to about P1.498 billion for a net foreign mbt shoes sale selling of P456 million.
Maloles said foreign funds locked in on gains on expectations that the buying spree in the local market was about to subside.
Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets and the day's most active stock, surged P0.50 or 1.2821 percent to P39.50 while rival Bank of the Philippine Islands declined P0.50 or 1.1111 percent to P44.50.
Developer Megaworld Corp. climbed P0.04 or 2.5974 percent to 1.58 while competitor Filinvest Land Inc.advanced P0.02 or 1.9608 percent at P1.04.
Andrew Tan holding firm Alliance Global Group Inc. jumped P0.25 or 5.1546 percent to P5.10. - GMANews.TV
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