Local shares end mixed as players turn cautious
11/24/2009 | 03:40 PM
Cautiousness among investors prompted Philippine shares to end mixed on Tuesday.
The benchmark 30-company Philippine Stock Exchange index surged 26.66 points or 0.8747 percent to 3,074.66 while the all share index inched up 6.93 points or 0.3643 percent to 1,909.45.
Market breadth, however, was negative with 74 losers against 41 gainers and 56 stocks which ended unchanged.
Meanwhile, four of the six sectoral indices posted gains of between 0.277 percent and 2.3095 percent. Mining & Oil was the biggest advancer.
Cellar-dwellers were Industrial and Holding Firms, retreating 0.3613 percent and 0.3482 percent, respectively.
Market turnover improved with 2.535-billion stocks worth P4.159 billion changing hands.
"Today's performance underlined the caution investors are exercising. The local stock market could have ended at a new YTD (year-to-date) high, but instead settled at 3,074.66, the second highest close for 2009," said Prince Anthony A. Yeung, analyst at AB Capital Securities.
Despite the overnight triple-digit gain of Wall Street, players were mostly undecided about the local bourse's direction.
The Dow Jones industrial average climbed about 133 points, while in Asia, nearly all bourses were in the red. Taiwan's market was the sole bright spot for the region.
"The (local) market seems to be moving sluggishly, unsure of how it wants to end the year. On one hand it could rally in anticipation of a stronger economy next year. On the other hand, it could end flat on the uncertainty of how the global economy will fare next year," Yeung said.
"While the PSEi has shown a net gain in the past four days, decliners have outnumbered advancers in each of those four days. This seems to indicate that investors are selling and locking in their profits while focusing their buying on key stocks...," he added.
Mining firm Century Peak Metal Holdings Corp., the day's top traded, surged P0.60 or 10.3448 percent to P6.40. It cornered about 10 percent of the market's total trading in terms of value for the session.
Philex Mining Corp., the country's largest miner, leaped P0.75 or 4.1096 percent to P19.
Telecommunications giant Philippine Long Distance Telephone Co. rose P55 or 2.1611 percent to P2,600.
Holding company Alliance Global Group Inc. jumped P0.05 or 1.1628 percent to P4.35 while property development arm Megaworld Corp. slid P0.04 or 2.6667 percent to P1.46. -Cheryl M. Arcibal, GMANews.TV
The benchmark 30-company Philippine Stock Exchange index surged 26.66 points or 0.8747 percent to 3,074.66 while the all share index inched up 6.93 points or 0.3643 percent to 1,909.45.
Market breadth, however, was negative with 74 losers against 41 gainers and 56 stocks which ended unchanged.
Meanwhile, four of the six sectoral indices posted gains of between 0.277 percent and 2.3095 percent. Mining & Oil was the biggest advancer.
Cellar-dwellers were Industrial and Holding Firms, retreating 0.3613 percent and 0.3482 percent, respectively.
Market turnover improved with 2.535-billion stocks worth P4.159 billion changing hands.
"Today's performance underlined the caution investors are exercising. The local stock market could have ended at a new YTD (year-to-date) high, but instead settled at 3,074.66, the second highest close for 2009," said Prince Anthony A. Yeung, analyst at AB Capital Securities.
Despite the overnight triple-digit gain of Wall Street, players were mostly undecided about the local bourse's direction.
The Dow Jones industrial average climbed about 133 points, while in Asia, nearly all bourses were in the red. Taiwan's market was the sole bright spot for the region.
"The (local) market seems to be moving sluggishly, unsure of how it wants to end the year. On one hand it could rally in anticipation of a stronger economy next year. On the other hand, it could end flat on the uncertainty of how the global economy will fare next year," Yeung said.
"While the PSEi has shown a net gain in the past four days, decliners have outnumbered advancers in each of those four days. This seems to indicate that investors are selling and locking in their profits while focusing their buying on key stocks...," he added.
Mining firm Century Peak Metal Holdings Corp., the day's top traded, surged P0.60 or 10.3448 percent to P6.40. It cornered about 10 percent of the market's total trading in terms of value for the session.
Philex Mining Corp., the country's largest miner, leaped P0.75 or 4.1096 percent to P19.
Telecommunications giant Philippine Long Distance Telephone Co. rose P55 or 2.1611 percent to P2,600.
Holding company Alliance Global Group Inc. jumped P0.05 or 1.1628 percent to P4.35 while property development arm Megaworld Corp. slid P0.04 or 2.6667 percent to P1.46. -Cheryl M. Arcibal, GMANews.TV
