PSEi slightly up, bucks trend on Wall Street

Philippines share prices posted modest gains Tuesday, bucking the overnight trend on Wall Street and despite the absence of market moving-news on the domestic front. The Philippine Stock Exchange index closed 0.52 percent or 16.98 points higher at 3,282.42, with all subindices posting gains. Over 1 billion stocks worth P2.72 billion changed hands. Gainers outpaced losers 54 to 34 losers, with 71 issued unchanged in the session. “We caught up with other financial markets since most of them were also up last Friday and yesterday. The market is still in its consolidation stage, and we expect to remain this way while waiting for more market-moving developments locally," Astro Del Castillo of First Grade Holdings said, noting the incoming administration’s assumption of power. The broader all-share index added 0.24 percent or 4.93 points to close at 2,090.87. Del Castillo said, however, that the market would still take its cue from developments in overseas markets. Foreign markets ended mixed Monday night, with the Dow Jones Industrial Average closing 20.18 points lower, while the NASDAQ composite inched up by 0.36 point. The Standard & Poor’s 500 index, meanwhile, slid by 1.97 points. Asian markets also posted modest gains. On Monday, Philippine markets were closed for a holiday. Most traded Philippine Long Distance Telephone Co. was unchanged at P2,405 apiece. —VS, GMANews.TV