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Roundup: Philippine bourse closes higher despite drops among Asian equities

Xinhua, April 1, 2015 Adjust font size:

The Philippine stock market rallied to near 8,000 level on Wednesday despite the general drop among Asian equities.

The bellwether Philippine Stock Exchange index added 0.66 percent or 52.60 points to 7,993.09, while the broader all-share index rose by 0.35 percent or 16.04 points to 4,576.21.

Trading volume reached only 1.29 billion shares worth 7.72 billion Philippine pesos (172.61 million U.S. dollars) with 101 stocks advancing, 72 declining and 47 unchanged.

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

"Our stock market managed to close higher despite the decline in major Asian indices. This resilience has been evident as local economic and corporate developments continue to positively influence investor sentiment,"PSE President and CEO Hans B. Sicat said in a statement sent to reporters.

Regional Capital Development Corp. said the index is up by almost 10 percent year to date and is trading at 22 times earnings.

"The Philippine stock market continues to outperform its ASEAN neighbors Thailand, Indonesia and Malaysia," it said.

The brokerage however warned investors of potential pullbacks as the index is also entering the overbought territory which may put selling pressure on prices.

Also, it should be noted that the recent breakout was not accompanied by strong volume so traders should exercise caution as the reversal may not be sustained, it said.

Trading at the local stock market shall resume on Monday. There will be no trading on April 2 and 3 in observance of Maundy Thursday and Good Friday.

Stocks in the 30-company index closed mixed. Ayala shares continue to be a favorite while investors unloaded shares of heavyweight Philippine Long Distance Telephone Co. Endi