Stock Market Watch

Philippine stocks rally on possible U.S. stimulus

noreply@blogger.com (epgarias) — Sat, 16 Jul 2011 00:56:00 +0000

(philstar.com)

MANILA (Xinhua) -- U.S. Federal Reserve chief Ben Bernake's announcement on Wednesday that the central bank is ready to provide fresh stimulus inspired investors to continue buying Philippine shares.

The bellwether Philippine Stock Exchange index gained 0.44 percent or 19.55 points to close at 4,423.55 on Thursday. The broader all-share index added 0.3 percent or 9.42 points to 3,076. 01.

Trading volume reached 7.14 billion shares worth 5.26 billion pesos (122.56 million U.S. dollars) with 76 stocks advancing, 63 declining and 45 were unchanged.

Of the six counters, only the mining and oil sector bucked the trend.

"Local stocks followed through on Wednesday's rebound as investors cheered the latest statements from U.S. Fed Chairman Ben Bernanke," local brokerage AB Capital Securities, Inc. said.

Bernake's statement pushed the Dow Jones industrial average index to finish Wednesday session up 0.36 percent or 44.73 points to 12,491.61. Click here to read more...

Philippine stocks extend losses on profit taking

noreply@blogger.com (epgarias) — Thu, 07 Jul 2011 14:35:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) - Investors continue to book their gains today, sending the Philippine shares down by 0.52 percent.

The bellwether Philippine Stock Exchange index lost 22.90 points to 4,375.85. The broader all-share index retreated by 0.02 percent or 0.70 points to 3,063.89.

Trading volume reached 4.26 billion shares worth P4.7 billion ($109.74 million) with 68 stocks advancing, 57 declining, and 40 were unchanged.

Of the six counters, only the industrial and the mining and oil sectors bucked the trend.

"The Philippine index took a battering for a second time as investors continued their profit taking after a four-day rally that ended on Monday," brokerage DBP-Daiwa Securities, Inc. said.

Despite declining of the second time, brokerage AB Capital Securities, Inc. said the local equities' recent break to fresh highs has dramatically improved the market's outlook from a technical standpoint.

"But like all overbought assets, we do expect profit taking and a pull back. Notwithstanding, we see limited downside with immediate support at 4,320," AB Capital Securities, Inc. said.

The brokerage noted that the country's improving fiscal situation has attracted investors' attention on the Philippines, although developments overseas will continue to affect investors' sentiments.

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Philippine state pension fund eyes energy stocks

noreply@blogger.com (epgarias) — Thu, 07 Jul 2011 14:33:00 +0000

(Reuters) - Philippine pension fund Social Security System (SSS) could increase investments in local equities by up to 20 billion pesos ($470 million) and is particularly interested in energy stocks, its president and CEO said on Thursday.

The state-run fund for private sector workers, which has stakes in leading telecom Philippine Long Distance Telephone Co and top gold and copper miner Philex Mining Corp , expects to beat its net revenue target of 16 billion pesos this year given the stock market's rise to a record high.

Its net revenue last year was 22 billion pesos.

"We should be able to do better than that," president and CEO Emilio de Quiros told a media forum, referring to this year's net revenue target.

"(Energy) is a sector that we are looking at, the potential is there. It's a sector that could provide good returns for us," he said, adding the fund may buy shares in initial public offerings of energy firms.

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Steady interest rates, US market gains lift RP stocks

noreply@blogger.com (epgarias) — Sun, 25 Apr 2010 05:51:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) - The local central bank's decision to keep key benchmark rates unchanged and the positive performance of the US market lifted the Philippine stock market on Friday, although some investors already started selling down their shares following the local index's two-day strong run-up.

The bellwether Philippine Stock Exchange index rose by 0.21 percent or 6.88 points to close at 3,244.45 on Friday although week-on-week, the local composite index slipped by 0.64 percent after its two-day sell off at the start of the week.

The broader all share index was also up by 0.35 percent or 7.06 points to 2,017.92 but three-financials, services and mining and oil sector-of the six counters tumbled.
A total of one billion shares valued at P3.8 billion ($85.59 million) were changed hands. Gainers barely outwit losers 49 to 47 while 67 stocks did not move.

"We were expecting a correction ahead of the weekend and after the market's strong performance on Wednesday and Thursday but there were strings of positive news which I guess countered the profit takers," Paul Balaoing of PCCI Securities Brokers Corp. said.

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Roundup: Philippine stocks rally Monday as investors resume buying spree

noreply@blogger.com (epgarias) — Mon, 12 Apr 2010 13:49:00 +0000

(Trading Markets.com)
Philippine stocks rallied on Monday as investors resumed their buying spree following the positive developments overseas.

The bellwether Philippine Stock Exchange index added 1.19 percent or 38.71 points to touch a two-year-and two-month high of 3,294.83. Likewise, the broader all share index gained 0.79 percent or 16.04 points to 2,035.62.

Trading value was above the three billion-peso average where a total of 1.21 billion shares valued at 4.24 billion pesos (94.43 million U.S. dollars) were changed hands. Foreign buyers beat sellers 1.94 billion pesos (43.21 million U.S. dollars) versus 1. 67 billion pesos (37.19 million U.S. dollars), respectively.

Most issues were in the upside where a total of 64 issues went up versus the 41 stocks that closed lower. Some 65 shares meanwhile were unchanged.

Similarly, all six sectors finished in the green, led by the property shares which was up by 2.78 percent or 33.33 points to 1, 231.29.

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Sun Life to expand RP operations

noreply@blogger.com (epgarias) — Sat, 10 Apr 2010 02:28:00 +0000

(Philippine Daily Inquirer)

INSURANCE GIANT SUN LIFE OF Canada has mapped out an aggressive five-year expansion program that aims to double its net income and agency force, quadruple sales and potentially become the largest player in the Philippine market.

Sun Life Financial, which recently celebrated its 10th listing anniversary on the Philippine Stock Exchange, has been in the local market for 115 years and is the country’s second biggest insurance provider.

In an interview at the sidelines of the listing anniversary on Thursday, SLF Philippines president Riza Mantaring said the company had set targets for the next five years that were “more aggressive than we ever had.”

The plan requires the hiring of additional manpower to expand the agency force to 5,000 from the current 2,500 in five years as well as grow the distribution channel in provincial areas. At present, 70 percent of the company’s sales come from Metro Manila.

Mantaring said the company recently created a team to focus on provincial expansion. The goal is to strengthen brand visibility in various key cities.

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Index retreats after three-day advance

noreply@blogger.com (epgarias) — Sat, 10 Apr 2010 02:26:00 +0000

(Business World)

THE LOCAL bourse paused from a three-day rally, ending yesterday’s trading session with a correction.
The benchmark Philippine Stock Exchange index (PSEi) lost 0.44% or 14.25 points to close at 3,256.12. The broader all shares index dipped, dropping 0.27% or 5.56 points to 2,019.58.

Decliners led advancers 54 to 37, while 79 issues were unchanged.
Total volume traded reached 973.11 million shares valued at P5.12 billion.

There were more foreign buyers than sellers, with net foreign buying amounting to P42.89 million.

Equity market analysts said the PSEi’s retreat was a healthy correction given its gains in the past three days.

“The fall was a healthy correction,” Elizabeth S. Abadillo of Angping & Associates, Inc., told BusinessWorld in a phone interview yesterday.

She noted that PSEi’s gain last Wednesday was not high because of some profit taking.

“Profit taking continued yesterday, which resulted in the index’s fall,” she added.

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RP stocks end marginally up Monday in thin trade

noreply@blogger.com (epgarias) — Mon, 15 Mar 2010 13:22:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) - The Philippine stock market opened the week with minimal gain, indicating that most investors are still unsure of the local equity trade despite its past rallies.

The bellwether Philippine Stock Exchange ended Monday marginally higher, up 0.12 percent or 3.88 points to 3,067.79. The all share index gained 4.56 points or 0.23 percent higher to finish at 1,935.58.

Investors' interest was lackluster, with 907 million shares worth P2.28 billion ($49.9 million) traded. Foreign sellers beat buyers at P1.1 billion ($24.08 million).

Investors are wary of entering the market given the absence of market moving news, analysts said.

"Investors are all waiting for one another to make the move before making their own bets," says Tristan Valerio, analyst at local brokerage firm Lucky Securities, Inc.

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URC to spend P3.82-B for 2010 capex

noreply@blogger.com (epgarias) — Mon, 01 Mar 2010 14:06:00 +0000

(abs-cbnNEWS.com)

MANILA, Philippines - Gokongwei-led Universal Robina Corp. has set aside P3.82 billion for capital expenditures this year, bulk of which will be spent for its snack food and beverage businesses.

In a preliminary filing with the Philippine Stock Exchange, the food manufacturing arm of JG Summit Holdings Inc. said P3.1 billion of the total amount would be channeled for the expansion of its branded food segment operations, particularly for snack production facilities in the Philippines and beverage production facilities in Thailand and Vietnam.

About P260 million will go to the company's sugar mill, and another P263 million will be earmarked for its agro-industrial group's farm and feeds divisions.

Universal Robina in involved in a wide range of food-related businesses, including manufacture and distribution of branded consumer goods; production of hogs and day-old chikcs; manufacture of animal feeds, glucose and veterinary compounds; flour milling; and sugar milling and refining.

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RP stocks close higher on hopes of robust 2009 corporate earnings

noreply@blogger.com (epgarias) — Mon, 01 Mar 2010 14:04:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) - The Philippine stock market closed higher Monday as investors start positioning in blue chips on expectations of strong corporate earnings.

The bellwether Philippine Stock Exchange index rose 1.15 percent or 35.16 points to 3,078.91, along with the all share index which increased by 0.83 percent or 16.16 points to 1,944.50.

Telecommunications giant Philippine Long Distance Telephone Co. (PLDT), Metro Pacific Investments Corp. and conglomerate Ayala Corp are scheduled to release their 2009 income results this month.

Analyst Jun Calaycay of local brokerage Accord Capital Equities Corp. said it is widely expected that companies will report positive earnings coming from a low base in 2008.

"There is only a month left before the quarter ends so the release of 2009 corporate results will become more frequent. Investors are already starting to position in anticipation of these results," Calaycay said. Stocks in the 30-company index were the issues that finished strongly. These include heavyweight PLDT and property firms Ayala Land, Inc and Megaworld Corp.

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IP E-GAMES NOW LISTED ON PHILIPPINE STOCK EXCHANGE

noreply@blogger.com (epgarias) — Thu, 18 Feb 2010 13:41:00 +0000

(TradingMarkets.com)

Leading online gaming publisher IP E-Game Ventures Inc. (IP E-Games), a subsidiary of publicly listed technology firm IPVG Corporation (PSE:IP), is now a member of the Philippines bourse following listing ceremonies at the Philippine Stock Exchange (PSE) Wednesday.

The stock will trade on the PSE under the symbol EG.

The listing ceremony comes after IP E-Games secured approval from PSE last Feb. 1 for the initial listing by way of introduction of 33,545,554 common shares, under the Second Board of the PSE, at an indicative reference opening price of P50 per share.

In a ceremony held at the trading floor of PSE trading floor in Ayala, Makati City, IP E-Games chief executive officer Enrique Y. Gonzalez sounded the PSE opening bell at 9:30 am to mark its debut as a publicly listed company.

IP E-Games is one of the leading online game publishers in the Philippines, with over 11 million registered gamers all over the country as of the end of 2009.

IP E-Games offers a portfolio of online games, including massively multi-player online role-playing games (MMORPGs) and casual online games.

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Roundup: Philippine stocks close lower Thursday on profit taking

noreply@blogger.com (epgarias) — Thu, 18 Feb 2010 13:37:00 +0000

(TradingMarkets.com)

The Philippine market failed to hold on to the 3,000 territory on Thursday after investors decided to book their gains after the local equity's six-consecutive rally.

The bellwether Philippine Stock Exchange index retreated by 0. 62 percent or 18.73 points to 2,999.94, while the all share index lost 0.24 percent or 4.74 points to 1,903.40.

Only few investors participated resulting to a thin volume of only 790 million shares worth 2.16 billion pesos (46.75 million U. S. dollars). Foreign buyers nonetheless beat sellers 918 million pesos (19.87 million U.S. dollars) versus 640 million pesos (13.85 million U.S. dollars), respectively.

Profit takers dominated buyers 68 to 41 while 53 issues were unchanged.

Of the six counters, only the property counter bucked the decline. Mining and oil issues meanwhile lost the most, going down by 2.45 percent or 246.97 points to 9,820.12.

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Online gaming firm’s share price surges ahead of planned IPO

noreply@blogger.com (epgarias) — Wed, 17 Feb 2010 13:27:00 +0000

By Doris Dumlao
Philippine Daily Inquirer

MANILA, Philippines—The share price of leading online gaming firm IP e-GAMES Ventures Inc. hit the roof on its listing debut at the Philippine Stock Exchange on Wednesday ahead of a targeted initial public offering (IPO) later this year.

In a press briefing after the listing ceremony, IP E-Games chief executive Enrique Gonzales said the listing by way of introduction - or without any IPO - had given the gaming publisher access to the capital markets and established a clear valuation of shares for future fund-raising.

IP e-Games - which started trading under the ticker "EG" - saw its share price surging by 50 percent, the maximum daily price increase allowed in the local stock market, to close at P75 per share from an opening price of P50 per share. Some 803 million worth of shares were traded worth about P60 million.

At its closing price, the company had a market capitalization of P1.67 billion. About 33.54 million IP e-Games shares were listed on the PSE's second board, a platform for companies with a "potential for superior growth" , an operating history of at least one year prior to its listing and a minimum capitalization of at least P250 million.

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RP stocks up on revived bargain-hunting

noreply@blogger.com (epgarias) — Wed, 17 Feb 2010 13:24:00 +0000

By Doris Dumlao
Philippine Daily Inquirer

MANILA, Philippines – Local stocks rallied on Wednesday, allowing the main stock index to climb back to the crucial 3,000 mark, as investors were reinvigorated by fresh indicators that the global economy was gaining ground.

The main-share Philippine Stock Exchange index racked up 50.96 additional points or 1.72 percent to close at 3,018.67 as an upbeat trading in Wall Street revived the bargain-hunting momentum across all counters.

The rally was led by the property and holding firm counters which surged by 2.37 percent and 2.25 percent, respectively.

Value turnover at the local bourse increased to P3.56 billion, lifting the prices of 68 listed stocks. On the other hand, there were 45 decliners and 57 unchanged stocks.

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Roundup: Philippine stock market rallies amidst lack of leads on bargain hunting

noreply@blogger.com (epgarias) — Tue, 16 Feb 2010 13:09:00 +0000

(TradingMarkets.com)

The Philippine stock market rallied for the fifth time on Tuesday amidst lack of leads on continued bargain hunting.

The benchmark Philippine Stock Exchange index gained 0.15 percent or 4.47 points to 2,967.71, while the all share index rose by 0.01 percent or 0.37 points to 1,884.82.

Trading was thin where only 1.32 billion shares worth 2.29 billion pesos (49.46 million U.S. dollars) were changed hands. Foreign buyers beat sellers 570 million pesos (12.31 million U.S. dollars) versus 525 million pesos (11.34 million U.S. dollars), respectively.

Market breadth was positive where 59 stocks rose and only 53 tumbled. A total of 46 issues were unchanged.

Two of the six counters closed lower. Industrial and the service sector tumbled by 0.07 percent and 3.32 points to 4,558.36 and 0.29 percent or 4.37 points to 1,477.43, respectively.

Holding firms meanwhile climbed the most and was up by 1.46 percent or 14.46 points to 998.57.

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Philippine stocks post modest gain

noreply@blogger.com (epgarias) — Mon, 15 Feb 2010 12:44:00 +0000

By Doris Dumlao
Philippine Daily Inquirer

MANILA, Philippines—LOCAL stocks modestly gained on Monday, the first business day of the "Year of the Metal Tiger" under the Chinese Lunar calendar, on follow-through buying from last week's strong recovery.

The main-share Philippine Stock Exchange index rose by 13.59 points or 0.46 percent to close at 2, 963.24 as bargain-hunting benefited all sectors except for the property counter.

The gains were led by the mining/oil, industrial and holding firms whose indices went up by 2.2 percent, 1.3 percent and 1.08 percent, respectively.

There were 56 advancers as against 43 decliners and 60 unchanged stocks at a relatively thin value turnout of P2.1 billion.

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Roundup: Philippine stocks close to its four-month low Tuesday

noreply@blogger.com (epgarias) — Tue, 09 Feb 2010 13:16:00 +0000

(TradingMarkets.com)

The Philippine stock market closed to its four-month low on Tuesday, tracking mostly the performance of the U.S. market which succumbed to continued concerns over the debt of the euro zone.

The main-share Philippine Stock Exchange index lost 1.72 percent or 48.99 points to 2,797.61, while the all share index retreated by 1.33 percent, or 24.37 points, to 1,799.12. The last time the bellwether touched the said level was still on Sept. 28 when it ended at 2,784.65.

Trading was slim where only 884 issues valued at 3.27 billion pesos (70.28 million U.S. dollars) were changed hands. Foreign investors were net buyers at 345 million pesos (7.41 million U.S. dollars).

Market breadth continues to be negative with 95 issues slipping and only 19 stocks closing higher. A total of 40 stocks meanwhile did not move.

All six counters fell, led by mining and oil stocks which tumbled by 3.26 percent or 303.66 points to 8,955.64.

"The local market has again tracked its overseas counterpart. The euro crisis is further aggravated by U.S. President Barack Obama's plan to curb the risky activities of the banks and both developments are sending jitters to the global market," said Emmanuel Soller of Equitiworld Securities Inc..

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Metro Pacific, PLDT to fuse Meralco shares

noreply@blogger.com (epgarias) — Tue, 09 Feb 2010 13:14:00 +0000

(Written by Miguel R. Camus / Reporter - Business Mirror)

HONG KONG-based conglomerate First Pacific Co. Ltd. is planning to consolidate its combined 34.7-percent stake in Manila Electric Co. (Meralco) under a new holding firm. The shares are currently held by subsidiaries Metro Pacific Investments Corp. and Philippine Long Distance Telephone Co. (PLDT)

First Pacific, led by businessman Manuel V. Pangilinan, is the parent company of listed infrastructure firm Metro Pacific and the single largest shareholder of PLDT.

In separate filings to the local stock exchange on Monday, Metro Pacific and PLDT unit Pilipino Telephone Corp. (Piltel) said they are in talks for a proposed “combination and reorganization of their respective shareholdings in Meralco.”

A Metro Pacific executive said the new company—which is still unnamed at this point—will be jointly held by Metro Pacific and Piltel. The executive, who requested anonymity, noted that “nothing is final for now.”

At present, First Pacific’s holdings in Meralco are split between Metro Pacific (14.7 percent) and Piltel (20 percent).

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PNB posts P2.2 billion net income in 2009

noreply@blogger.com (epgarias) — Mon, 08 Feb 2010 13:48:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) – Philippine National Bank, the country's fourth biggest lender in terms of assets, posted a net income of P2.2 billion in 2009, up 100 percent from 2008, on sustained growth in its lending business and improved asset quality.

In a disclosure sent today to the Philippine Stock Exchange, PNB officials said the bank's net income rose 11 percent on increased lending activities.

PNB was lead or co-arranger of several landmark deals in telecommunications, energy and infrastructure sectors. Intensified promotional campaigns boost its consumer lending.

PNB's loans and receivables increased 14 percent. Deposits rose 7 percent to P215 billion as the company expanded its deposit products, providing clients with more options to grow their money. These products include deposit certificates, and medium-term dollar, peso and renminbi time deposits.

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Globe Asiatique May Delay Philippine IPO, Bank Says (Update1)

noreply@blogger.com (epgarias) — Mon, 08 Feb 2010 13:47:00 +0000

(By Ian Sayson)

Feb. 8 (Bloomberg) -- Globe Asiatique Realty Holdings Corp. may postpone the biggest Philippine initial share sale in 21 months because of a delay in completing the developer’s financial statements.

Globe Asiatique, a builder of homes and residential towers, said in a regulatory filing in December it plans to raise as much as 3.39 billion pesos ($73 million) by selling as many as 339.2 million shares for 6.50 pesos to 10 pesos a share in the first quarter of 2010. That would be the Philippine Stock Exchange’s biggest initial public offering since May 2008, when San Miguel Brewery Inc. sold 6.16 billion pesos of shares.

“We may not be able to do it because there is a delay in the preparation of the financial statements for December,” Eduardo Francisco, president of Manila-based BDO Capital & Investment Corp., said in a phone interview. “If the statements get delayed by a month, then the next window for the sale could be in a month or two.”

The benchmark Philippine Stock Exchange Index has declined 6.8 percent this year as the government started to unwind stimulus policies that softened the impact of the global recession. The measures -- including a reduction in the central bank’s overnight rates to the lowest since 1990 -- boosted the index by 63 percent in 2009, the biggest gain in 16 years.

“There is rising risk aversion towards equities at the moment, so a share sale might not get a warm reception now,” said Olan Caperina, who helps manage $9.7 billion at Bank of the Philippine Islands. “Property companies are also being sold down and most are trading at low price-to-book multiples.”

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PhilWeb to enter mobile lotto gaming

noreply@blogger.com (epgarias) — Sun, 07 Feb 2010 13:05:00 +0000

(Written by Miguel Camus- BusinessMirror)

LISTED online gaming company PhilWeb Corp. is continuing its aggressive expansion, this time into mobile lotto games through a newly created P1-billion subsidiary.

The new firm—PhilWeb Mobile Lottery Corp.—will be the company’s vehicle to operate mobile-based lottery games as well as other related mobile game offerings.

PhilWeb, which is controlled by former trade minister Robert V. Ongpin, subscribed to P127.49 million worth of shares while PhilWeb president Dennis Valdes took another P122.5 million.

The new firm is seen to provide an additional revenue stream for PhilWeb as well as create synergies with other units which include the recently acquired Acentic GmbH, a European hotel information technology provider.

PhilWeb generates the bulk of its revenues providing technical, marketing and cash management services to Philippine Amusement and Gaming Corp.’s more than 150 e-Games Cafés in the country.

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Roundup: Philippine stocks outperform Asian counterparts on Thursday's trading

noreply@blogger.com (epgarias) — Thu, 04 Feb 2010 14:12:00 +0000

(Trading Markets.com)

Philippine market bucked the lackluster performance of most of the Asian markets on Thursday.

The bellwether Philippine Stock Exchange index rose by 1.04 percent or 30.06 points to close at 2,914.87 on Thursday, while the all share index gained 0.76 percent or 14.06 points to 1,853. 78.

Trading remains low where only 932 billion shares worth 2.18 billion pesos were changed hands. Foreign buyers beat sellers with 162 million pesos.

Of the six counters, only the service sector closed lower. Industrial shares meanwhile rallied the most, climbing by 2.21 percent or 96.36 points to 4,444.02. Market breadth was positive where a total of 69 issues gained as oppose to the 34 stocks that declined. A total of 54 stocks meanwhile did not move.

"A follow-through support was visible Thursday given the improving indicators overseas. Part of the boost emanated from the European Union's support on Greece's budget deficit reduction plan, pacifying earlier concerns the nation might require a bailout plan from the European block," online brokerage 2TradeAsia.com said.

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PHILIPPINES RFM POSTS NET INCOME OF US$8 MLN FOR 2009

noreply@blogger.com (epgarias) — Thu, 04 Feb 2010 14:08:00 +0000

(Trading Markets.com)

Food and beverage company RFM Corporation PSE:RFM), in its disclosure to the Philippine Stock Exchange, reported a net income of P365 million (US$8 million) for 2009, an increase of 49 per cent from P245 million (US$5.3 million) netted the previous year.

The food giant reported its financial performance for the year, with net sales registering at P7.97 billion, up six per cent over P7.55 billion in 2008. Operating income came in at over P613 million in 2009.

RFM president and chief operating officer Jose Concepcion credited the strong performance to better gross margins as major raw materials cost softened towards the second half of the year.

He also attributed the company's lower-cost operating platform to the transfer to more integrated, modern and efficient production facilities for its pasta, beverage and meat products.

Concepcion, who is also the founder of the Go Negosyo advocacy, a lead proponent in the push towards a positive and enterprising mindset among Filipinos, continued to express optimism and confidence in RFM moving forward.

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Bargain hunting lifts RP stocks Wednesday

noreply@blogger.com (epgarias) — Wed, 03 Feb 2010 12:38:00 +0000

(philstar.com)

MANILA, Philippines (Xinhua) - The Philippine stock market ended higher Wednesday as bargain hunting ensued following recent weakness in the local bourse.

The benchmark Philippine Stock Exchange index gained 0.72 percent or 20.63 points to 2,884.81, while the all share index rose by 0.5 percent or 9.17 points to 1,839.72.

Decliners outnumber gainers at 55 to 49. A total of 55 shares were unchanged. Stocks in the 30-company index improved their valuations.

Share prices of Manila Electric Co., the Philippines' largest power distributor, rose by 3.24 percent. Other issues that went up include heavyweight Philippine Long Distance Telephone Co. and Banco de Oro Unibank, Inc.

Three of the six sectors - property, financials and mining and oil stocks - extended their decline. Holding firms rose by 2.11 percent or 32.17 points to 1,553.77.

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RP stocks dip 0.66% on global, local uncertainties

noreply@blogger.com (epgarias) — Tue, 02 Feb 2010 13:07:00 +0000

By Doris Dumlao
Philippine Daily Inquirer

MANILA, Philippines – Local stocks continued to dip on Tuesday as investors either cut losses or locked in gains amid lingering global and domestic uncertainties.

The main-share Philippine Stock Exchange index lost 19.03 points or 0.66 percent to close at 2,864.18.

Some late-session bargain-hunting, inspired by an overnight rebound in Wall Street, trimmed the day's losses.

There were 88 decliners against 27 gainers and 48 unchanged stocks at a value turnover of P2.33 billion. Click here to read more...