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Roundup: Philippine bourse closes higher despite drop of U.S. equities

Xinhua, December 14, 2015 Adjust font size:

The Philippine stock market managed to eke out a small gain on Monday despite the drop in the U.S. equities.

The bellwether Philippine Stock Exchange index added 0.16 percent or 10.98 points to 6,745.99, while the broader all-share index was down by 0.02 percent or 0.74 of a point to 3,894.12.

Trading volume reached 1.37 billion shares worth 4.97 billion Philippine pesos (105.23 million U.S. dollars) with 121 stocks declining, 43 advancing, and 46 were unchanged.

Online brokerage 2TradeAsia.com said investors followed the sharp drop of the Dow Jones industrial average index which dived by 309 points last Friday.

"The U.S. equities is having its own bearish rout as uncertainties loom on global growth," it said.

Further, 2TradeAsia.com said the upcoming US Federal Reserve rate hike might continue to spur foreign funds out of the country.

"The index's immediate support is at 6,650," it said.

Stocks in the 30-company index closed mixed. Among those sold down were BDO Unibank, Inc. and SM Investments Corp. Endit