MANILA, Philippines -- Local stocks firmed up on Wednesday, reversing the slim loss incurred during the previous day's profit taking, as investors remained upbeat on domestic economic and corporate prospects.
The main-share Philippine Stock Exchange index gained 5.16 points or 0.13 percent to close at 3,973.48.
The mining/oil and services counters led the day's upswing, respectively rising by 2.56 percent and 1.24 percent. The industrial and holding firms also contributed to the day's gain.
The financial and property counters, however, traded in the red.
Value turnover eased to P6.42 billion from the previous day's P9 billion.
There were 74 advancers that slightly outnumbered 64 decliners while 44 stocks were unchanged.
Analysts said the market was benefiting from stronger interest among foreign investors.
Paul Joseph Garcia, chief executive officer of the ING Investment Management, said the bear market ended, ushering in the bull market, when the index recently broke out of the 2007 highs into new all-time highs.
There's rational exuberance in the market," he said, noting that investors were buying into good corporate and domestic macroeconomic fundamentals.
With the bullish breakout, Garcia said the PSEi could hit as high as 4,700 by 2011. He added that the next two to three years would likely be good for the market.
Investors bid up shares of Philippine Long Distance Telephone Co., Energy Development Corp.,SM Investments Corp., First Gen Corp., Philippine National Bank, Philex Mining Corp.,Digital Telecommunications Philippines Inc., First Philippine Holdings Corp. and Manila Electric Co.
On the other hand, there was profit-taking on Metropolitan Bank & Trust Co., Banco de Oro Unibank Inc., Filinvest Land Inc., Megaworld Corp., Ayala Corp., Ayala Land Inc., DMCI Holdings Inc., International Container Terminal Services Inc., Metro Pacific Investments Corp., Aboitiz Power Corp. and SM Prime Holdings Inc.
The main-share Philippine Stock Exchange index gained 5.16 points or 0.13 percent to close at 3,973.48.
The mining/oil and services counters led the day's upswing, respectively rising by 2.56 percent and 1.24 percent. The industrial and holding firms also contributed to the day's gain.
The financial and property counters, however, traded in the red.
Value turnover eased to P6.42 billion from the previous day's P9 billion.
There were 74 advancers that slightly outnumbered 64 decliners while 44 stocks were unchanged.
Analysts said the market was benefiting from stronger interest among foreign investors.
Paul Joseph Garcia, chief executive officer of the ING Investment Management, said the bear market ended, ushering in the bull market, when the index recently broke out of the 2007 highs into new all-time highs.
There's rational exuberance in the market," he said, noting that investors were buying into good corporate and domestic macroeconomic fundamentals.
With the bullish breakout, Garcia said the PSEi could hit as high as 4,700 by 2011. He added that the next two to three years would likely be good for the market.
Investors bid up shares of Philippine Long Distance Telephone Co., Energy Development Corp.,SM Investments Corp., First Gen Corp., Philippine National Bank, Philex Mining Corp.,Digital Telecommunications Philippines Inc., First Philippine Holdings Corp. and Manila Electric Co.
On the other hand, there was profit-taking on Metropolitan Bank & Trust Co., Banco de Oro Unibank Inc., Filinvest Land Inc., Megaworld Corp., Ayala Corp., Ayala Land Inc., DMCI Holdings Inc., International Container Terminal Services Inc., Metro Pacific Investments Corp., Aboitiz Power Corp. and SM Prime Holdings Inc.
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