PSE index advances on selective buying in blue chips

Share prices on the Philippine Stock Exchange index trekked higher Wednesday on the back of selective buying in blue chip shares, even as profit-taking remains on the back of investors' minds. The PSEi closed at 3,973.48, up 5.16 points or 0.13 percent. More than 2.89 billion shares valued at P6.418 billion changed hands. Advancers outpaced decliners 74 to 64, while 44 issues remained unchanged. The main index got a boost from Philippine Long Distance Telephone Co. (PLDT) after “posting flat gains most of the year," said AB Capital Securities Inc. analyst Prince Yeung, noting that the share price of the index heavyweight improved by 1.46 percent. “PLDT may finally be waking up and could be in for more activities in the coming days," Yeung added. Energy Development Corp. stocks were also traded actively, according to him. The strength of the market towards the end of the trading session indicated that the index is trying to breach the 4,000 resistance in the coming days, Yeung said. Meanwhile, stockbrokers said there might be no need to revive the afternoon session as the PSEi has been posting record highs on favorable market conditions. On Tuesday, PSE president and CEO Val Suarez hinted at opening the market after lunch to attract investors from different time zones and really make it “competitive" relative to regional bourses. “Our average value turnover is not yet that high. We have to make the local market more attractive and more active before we can implement the afternoon trading," Yeung said, pointing out that this is the general sentiment among traders. —JE/VS, GMANews.TV