Philippine stock market continues upward trek

Philippine share prices reached a fresh year-high on Wednesday, boosted by bullish global markets, analysts said. The main Philippine Stock Exchange index rose 22.04 points or 0.7114 percent to 3,119.96 while the all shares jumped 10.29 points or 0.5372 percent to 1,925.78. All six sectoral indices fell into the green zone. Mining and Oil was the day's biggest advancer, improving 1.5094 percent. The five other sub-indices posted gains between 0.3262 percent and 0.721 percent. Market breadth was positive with 62 gainers against 45 losers and 57 stocks which closed unchanged. Volume traded was higher with 2.798-billion stocks worth P4.922 billion changing hands. "The market recovered on news that the Dubai situation is now under control. The US and other global markets posted gains because of that," said Harry Liu, Summit Securities president. Dubai has earlier asked for at least six months of reprieve from paying its $60-billion debts, but concerns on its impact over world markets were largely eased as US banks had little exposure to the city-state. Overnight, the Dow Jones industrial average advanced about 127 points, while Asian were also trading strongly. Hong Kong's Hang Seng gained about 283 points and Japan's Nikkei added about 37 points. Although the political landscape has been beset with a number of upsetting issues, Liu said the market views them as something that are "quite controlled." But Liu warned that the market was up for a correction and may test its support level of between 2,800 and 3,000. "The market may go to a consolidation stage," he added. In the local bourse, Philex Mining Corp. was the day's top traded, cornering about 25 percent of trading in terms of value. Its shares surged P0.50 or 2.6316 percent to P19.50. Mining firm Century Peak Metal Holdings Corp. climbed P0.30 or 4.4776 percent to P7. Alternative power producer Energy Development Corp.leaped P0.10 or 2.381 percent to P4.30. Telecommunications giant Philippine Long Distance Telephone Co. gained P15 or 0.5747 percent at P2,625. Property giant Ayala Land Inc. was steady at P12.50. - Cheryl M. Arcibal, GMANews.TV