Local share prices track Wall Street rally

Local stocks rallied for the sixth straight day on Wednesday after the US market posted overnight its biggest one-day gain in three months. The Philippine stock index rose by 1.72 percent or 50.96 points to 3018.67, with subindices rising across the board. The US market’s 170-point rise reflected optimism despite negative news on the sovereign debt of Europe that has pulled Wall Street down, noted analyst Emmanuel Soller of Equitiworld Securities. "The local stock market could have steadily advanced, but this has been [limited] by the movement of the overseas market. But if the US market remains stable, we expect the local market to steadily increase," he added. The Dow Jones industrial average rose by 170 points on Tuesday, its biggest one-day point gain since November 9 last year. The S&Pindex also added 19 points, while the NASDAQ composite gained 30 points. "A sustained momentum in the local market will be a reason for investors to realize their profits," Soller said. On the local front, gainers beat losers 68 to 45, while 57 stocks were unchanged. A total of 1.59 billion stocks worth P3.56 billion were traded. Property stocks went up by 2.37 percent or 23.68 points to 1,022.25, while holding firms increased by 2.26 percent or 37.72 points to 1,709.95. Services also inched up by 1.45 percent or 21.39 points to 1498.82, while mining and oil stocks added 1.37 percent or 136.35 points to 10067.09. Industrial shares likewise rose by 1.3 percent or 59.13 points to 4,617.49, while financial companies advanced by 1.14 percent or 7.08 points to close at 629.12. Leading the day’s gainers was online gaming company IPE-Game Ventures, Inc., which gained half to P75. The online gaming unit of IPVG Corp. listed its shares by introduction on Wednesday. Its parent posted the day’s biggest loss of 15.29 percent to P2.16. Ayala-led mobile network Globe Telecom, which lost P50 in Tuesday's trade, recovered P20 to finish at P965. Nikka Corsino