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Roundup: Philippine bourse went up despite global extended sell-off

Xinhua, August 26, 2015 Adjust font size:

The Philippine stock market went against the trend in the global equities after it managed to eke out a 0.55 percent gain despite the extended sell-off globally.

The bellwether Philippine Stock Exchange index added 37.58 points to 6,867.92, while the broader all-share index added 0.90 percent or 35.12 points to 3,931.44.

Trading volume reached 4.13 billion shares worth 12.62 billion Philippine pesos (270.18 million U.S. dollars) with 122 stocks advancing, 58 declining and 50 were unchanged.

Of the six counters, only the holding firm bucked the trend.

Jitters over China continue to send global equities in the negative, the latest was the 204-point drop of the Dow Jones industrial average index on Tuesday. "Things have become more interesting and more difficult to grasp. The China narrative changed a bit with the People's Bank of China's infusion (of funds in their financial system)," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

The general global story, however, he said, remains unchanged. China's economy is still struggling, the US Federal Reserves has yet to make an actual rate adjustment, and commodity prices continue to head lower.

Meanwhile, the progress of the Greece rescue takes to the back seat as the country prepares for a general election.

Locally, the Philippine economy itself has shown some signs of weakness and corporate earnings have invariably followed. "The key to today's market in the next couple of days or even weeks is to keep a keen eye on unfolding events both at home an overseas. In particular, we must be observant of any changes in the narratives that led to the market's sudden reversal," Calaycay said.

Stocks in the 30-company index closed mixed. Among those sold down were BDO Unibank, Inc., Ayala Corp. and the Bank of the Philippine Islands.

Investors however picked up shares of Ayala Land, Inc ., heavyweight Philippine Long Distance Telephone Co., and Megaworld Corp. Endi