RP shares up on Dow's gain, acquisition speculations
11/10/2009 | 01:46 PM
Positive sentiment coming from the fresh year high of US stocks fueled the local bourse to end just few points shy of a key level.
The bellwether 30-company Philippine Stock Exchange index soared 81 points or 2.7781 percent to 2,996.71. It was the best finish for the main index for the year and also an 18-month high. The last time that the benchmark of the local stocks traded in this range was on April 4, 2008 when it moved between a high of 3,035.5 and a low of 2,980.5.
Meanwhile the all shares rose 34.14 points or 1.8634 percent to 1,866.25.
All indices were in the green, with Mining and Oil surging 10.3648 percent to 11,863.44. Philex Mining Corp., the country's largest mining firm and carries more than half of the Mining and Oil index, leaped 14.2857 percent to P18.
Property was the second-best performer with a 4.4192-percent gain.
Market breadth was positive with 88 stocks advancing, 33 retreating and 50 stocks which ended unchanged.
Volume also improved with 6.945-billion stock worth about P5.185 billion changing hands.
"The Dow Jones was a major factor in terms of market sentiment. It ended at its best level for the year. The local bourse is being driven by sheer momentum," said Jose Vistan, AB Capital Securities research chief said.
Expectations that the governments around the world would continue to keep relaxed monetary stance had boosted the US market. Overnight, the Dow Jones industrial average gained 203.52 points or 2.03 percent to end at 10, 226.94 while both the S&P 500 tech-heavy Nasdaq also registered some two-percent rise.
Absent a concrete catalyst, Vistan warned that a major correction from the US market could keep the Philippine shares from breaching the 3,000 level on Wednesday.
Cornering 25.29 percent of the trading session, Philex was the day's top-traded. The market has been rife with rumors that pension fund Government Service Insurance System is again acquiring Philex shares.
Another mining firm - Century Peak Metal Holdings Corp. gained P0.40 or 8.3333 percent at P5.20.
Ayala Corp., the country's largest conglomerate, dipped P2.50 or 0.8696 percent to P285.
Metro Pacific Investment Corp., which has interests in power, infrastructure and hospitals, dropped P0.20 or 7.1429 percent to P2.60.
Property giant Ayala Land rose P0.50 or 4.7619 percent to P11. -Cheryl M. Arcibal, GMANews.TV
The bellwether 30-company Philippine Stock Exchange index soared 81 points or 2.7781 percent to 2,996.71. It was the best finish for the main index for the year and also an 18-month high. The last time that the benchmark of the local stocks traded in this range was on April 4, 2008 when it moved between a high of 3,035.5 and a low of 2,980.5.
Meanwhile the all shares rose 34.14 points or 1.8634 percent to 1,866.25.
All indices were in the green, with Mining and Oil surging 10.3648 percent to 11,863.44. Philex Mining Corp., the country's largest mining firm and carries more than half of the Mining and Oil index, leaped 14.2857 percent to P18.
Property was the second-best performer with a 4.4192-percent gain.
Market breadth was positive with 88 stocks advancing, 33 retreating and 50 stocks which ended unchanged.
Volume also improved with 6.945-billion stock worth about P5.185 billion changing hands.
"The Dow Jones was a major factor in terms of market sentiment. It ended at its best level for the year. The local bourse is being driven by sheer momentum," said Jose Vistan, AB Capital Securities research chief said.
Expectations that the governments around the world would continue to keep relaxed monetary stance had boosted the US market. Overnight, the Dow Jones industrial average gained 203.52 points or 2.03 percent to end at 10, 226.94 while both the S&P 500 tech-heavy Nasdaq also registered some two-percent rise.
Absent a concrete catalyst, Vistan warned that a major correction from the US market could keep the Philippine shares from breaching the 3,000 level on Wednesday.
Cornering 25.29 percent of the trading session, Philex was the day's top-traded. The market has been rife with rumors that pension fund Government Service Insurance System is again acquiring Philex shares.
Another mining firm - Century Peak Metal Holdings Corp. gained P0.40 or 8.3333 percent at P5.20.
Ayala Corp., the country's largest conglomerate, dipped P2.50 or 0.8696 percent to P285.
Metro Pacific Investment Corp., which has interests in power, infrastructure and hospitals, dropped P0.20 or 7.1429 percent to P2.60.
Property giant Ayala Land rose P0.50 or 4.7619 percent to P11. -Cheryl M. Arcibal, GMANews.TV
