PSE main index continues upward trend

The decline in the unemployment rate in the US, the world's largest economy, helped Philippine share prices to sustain its upward momentum. The bellwether Philippine Stock Exchange index added 21.58 points or 0.5114 percent at 4,241.01 while the all shares index also ended in the green, rising 17.48 points or 0.565 percent to 3,111.41. Of the six subsectors, Industrial was the best performer, jumping 1.1251 percent to 7,548.36. Financials and Mining & OIl, however, closed in the red. Market breadth was positive with 66 gainers against 51 losers while 57 issues closed unchanged. 1.08 billion shares changed hands valued at P4.641 billion. "In a bit of a good news, US job market continues to improve with last week's initial jobless claims dropping 10,000 to an annual pace of 382,000. Employment level is one of the main legs on which sustained economic recovery stands on," Accord Capital said in its daily notes. Telecommunications giant Philippine Long Distance Telephone Co., the day's most traded issue, dipped P4 or 0.1702 percent to P2,346. Holding firm Alliance Global Group Inc. gained P0.10 or 0.8929 percent at P11.30. Aboitiz Power Corp. rose P0.40 or 1.2618 percent to P32.10. Metropolitan Bank & Trust Co. slid P0.05 or 0.0737 percent to P67.80. Conglomerate Metro Pacific Investments Corp. jumped P0.10 or 2.8902 percent to P3.56. -- CMA/OMG, GMA News