RP stocks climb, track Wall Street rally

Philippine stocks picked up on Thursday, tracking Wall Street's overnight rally to a 15-month high. The Philippine Stock Exchange (PSE) index closed 0.81 percent or 25.21 points higher at 3,121.91 points, in line with the Dow Jones industrial average's 58-point rise on Wednesday night, which is its highest since October 2008. "Aside from the rise of stocks in the US, investors might also be bargain-hunting," analyst Jasper Jimenez of Banco de Oro Securities Corp. said in an interview. Trading was brisk at 1.79 billion stocks worth P4.35 billion. Despite the index rise, losers outnumbered gainers 52 to 49, while 66 stocks were unchanged. Five of the six sub-indices shot up, led by service stocks' 1.36-percent or 21.06-point gain to 1,565.3. The industrial index also climbed by 1.03 percent or 48.48 points to 4,757.05, while the property index added 0.91 percent or 10.04 points to finish at 1,102.4. Holding firms were likewise up by 0.42 percent or 6.79 points to 1,634.95, while financial stocks inched up by 0.17 percent or 1.15 points to 675. Mining and oil companies bucked the trend, losing 0.69 percent or 71.97 points to 10,387.05. Despite this, miner Apex Mining Co., Inc. found its way to the market's top 10 gainers, rising by 9.09 percent to P3. Wall Street's overnight rise followed a one-day sell-off as aluminum producer Alcoa and energy provider Chevron announced dwindling profits. Thursday's market surge may not be sustainable due to these recent sell-offs in US companies. BDO Securities' Jimenez said the market would be tested for the rise. - NPA, GMANews.TV