RP stock market rallies amid lack of leads on bargain hunting
Fri Sep 03, 2010 01:11pm Philippines
MANILA, Philippines (Xinhua) - 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 P2.29 billion ($49.46 million) were changed hands. Foreign buyers beat sellers P570 million ($12.31 million) versus P525 million ($11.34 million), 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.
"For a fifth consecutive day, the local stock market registered a gain amidst a lack of leads due holidays in the US and certain Asian countries," said Prince Anthony Yeung of local brokerage AB Capital Securities, Inc.
Trading however remains thin and were focused mostly on certain small cap stocks although there were still bargain hunting on 30- company index.
Among the small cap stocks that went up include gaming company IPVG Corp. which rose by 5.37 percent to finish at 2.55 pesos. The stock garnered more than its usual share of trades after one of its subsidiaries, IP E-Game Ventures, Inc. expressed intention to list by way of introduction.
"Some are looking to small cap issues for quick trades before making moves on blue chips. Investors [are] in a wait and see mode, " Yeung said.
The analyst said the local market will have more leads Wednesday since the US market will re-open Tuesday.
"Value turnover is expected to pick up tomorrow unless US markets are flat. Also, selling is expected to commence soon as the current rally is slowing down. Investors are advised to take this as an opportunity to sell," Yeung said.
The analyst said there are still a lot of questions that need to be answered, among which include the Greece's debt problems before the local market can go on a sustained rally.
Most stocks in the 30-company index closed higher. Among those that went up include heavyweight Philippine Long Distance Telephone Cop, Metropolitan Bank & Trust Co. and Ayala Land, Inc.
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MANILA, Philippines (Xinhua) - 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 P2.29 billion ($49.46 million) were changed hands. Foreign buyers beat sellers P570 million ($12.31 million) versus P525 million ($11.34 million), 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.
"For a fifth consecutive day, the local stock market registered a gain amidst a lack of leads due holidays in the US and certain Asian countries," said Prince Anthony Yeung of local brokerage AB Capital Securities, Inc.
Trading however remains thin and were focused mostly on certain small cap stocks although there were still bargain hunting on 30- company index.
Among the small cap stocks that went up include gaming company IPVG Corp. which rose by 5.37 percent to finish at 2.55 pesos. The stock garnered more than its usual share of trades after one of its subsidiaries, IP E-Game Ventures, Inc. expressed intention to list by way of introduction.
"Some are looking to small cap issues for quick trades before making moves on blue chips. Investors [are] in a wait and see mode, " Yeung said.
The analyst said the local market will have more leads Wednesday since the US market will re-open Tuesday.
"Value turnover is expected to pick up tomorrow unless US markets are flat. Also, selling is expected to commence soon as the current rally is slowing down. Investors are advised to take this as an opportunity to sell," Yeung said.
The analyst said there are still a lot of questions that need to be answered, among which include the Greece's debt problems before the local market can go on a sustained rally.
Most stocks in the 30-company index closed higher. Among those that went up include heavyweight Philippine Long Distance Telephone Cop, Metropolitan Bank & Trust Co. and Ayala Land, Inc.
More news on Philstar.com
To Chikka.com
Back to SANDBOX