Local stocks inch up, index remains at 3,000-point level

Local stocks posted modest gains at the end-of-week trade, sustaining the 3,000 index-point level amid slight losses from the US market. Philippine stocks inched up 12.49 points or 0.41 percent to 3,043.75, with the all share index rising 12.38 points or 0.65 percent to 1,928.34. The Dow Jones Industrial average lost 53 points overnight, while the Standard and Poor's 500 index and Nasdaq composite lost two points each. "The US opening was weak but we saw a bit of a rally towards the end, although it was down in the end. Likewise, the local market also started weak but it managed to go up. Asian markets are also up a bit," analyst Jasper Jimenez of Banco de Oro Securities said, predicting a sustained rise in the local market's movement until next week. All the subindices advanced save for holding firms, which posted a 10.7-point or 0.63-percent loss to 1,697.48. Meanwhile, financial stocks led with an increase of 6.06 points or 0.93 percent to 654.78, followed by property stocks, which added 9.32 points or 0.9 percent to 1,042.34. Mining and oil stocks likewise rose 76.88 points or 0.81 percent to 9,520.24. Industrial stocks followed, advancing 26.42 points or 0.57 percent to 4,645.02. Service stocks also posted gains of 5.51 points or 0.37 percent to 1,505.22. A total of 975 million stocks worth P2.75 billion changed hands, with gainers beating losers 79 to 44, with 50 steady. Friday's biggest gainer was APC Group Inc., whose share prices rose 19.15 percent to P0.56 apiece. On the other hand, T&J Prince Holdings Corporation's A stocks, the day's biggest loser, lost 29.58 percent to P1 per share. Dominant carrier Philippine Long Distance Telephone Company (PLDT) gained P15, closing at P2,600. - GMANews.TV