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Philippine bourse closes higher despite negative trend overseas

Xinhua, May 12, 2015 Adjust font size:

The Philippine stock market continues to make a slight comeback on Tuesday, bucking the overall trend overseas.

The bellwether Philippine Stock Exchange index added 0.21 percent or 16.65 points to 7,794.55, while the broader all-share index rose by 0.15 percent or 6.62 points to 4,494.10.

Trading volume thinned down to 611 million shares worth 7.22 billion Philippine pesos (161.85 million U.S. dollars) with 92 stocks advancing, 93 declining, and 57 were unchanged.

Three of the six counters bucked the trend. These were financials, mining and oil, and the property sector.

"Greece, China, and energy concerns dragged stock markets overseas lower Monday night, leaving little reason for local investors to show up with a cheery mood as trades resumed Tuesday, " analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said the local barometer initially opened the session in the negative until optimism slowly crept back just before the noon recess.

The analyst said this might be due to some companies releasing favorable earnings report.

In the upcoming sessions, 2TradeAsia.com said sentiments could sway to potential volatilities in the forex market pending the outcome of Greece's meeting with creditors.

"Revisit stocks with strong fundamental upside and balance them with good dividend plays," it said.

Stocks in the 30-company index closed mixed. Investors dumped shares of Ayala Corp. and banking unit the Bank of Philippine Islands but picked up shares of mall giant SM Investments Corp. Endi