RP stocks firm up on govt optimism

Philippine stocks went up for the third straight day on Wednesday as investors and traders are brimming over with optimism on the Aquino administration. "It's more of a psychological boost that makes the market move upward," said Harry Liu, president of Summit Securities Inc. The Philippine Stock Exchange index gained 19.51 points or 0.56 percent to finish at 3,503.49 points. The property sector led Wednesday's gains, with its counter rising by 1.76 percent. Meanwhile, the services and mining/oil counter traded in the red. There were 61 advancers, 61 decliners and 45 unchanged stocks. Value turnover reached P3.248 billion as traders changed hands of over 902 million shares. Liu also said the better-than-expected earnings of local companies are "giving good signs for the market." Investors and traders are taking a wait-and-see attitude on the Philippine market, Liu said. "We're waiting for more substantial news that will largely move the market," he said, hoping that the PSE index will breach the 3,600-point level in the near term. —JE/OMG GMANews.TV