PSEi closes higher mirrors US and Asian markets

Philippine share prices continued its upswing on Friday, spurred by the general positive mood in the US and Asian bourses. The benchmark 30-company Philippine Stock Exchange index surged 43.95 points or 1.04 percent to 4,274.51 while the all shares soared 20.13 points or 0.68 percent to 2,979.62. Market breadth was bullish with 71 gainers against 48 losers and 49 stocks which closed unchanged. Except for Financials, which slipped 0.45 percent, all other five sectoral indices closed in the green. Mining and Oil led with a 4.82-percent rise. Volume traded reached 6.977 billion shares valued at P4.769 billion. "Investors will have very little to look forward to and borrow hints from the Dow's action and a couple of 'high-impact' numbers on GDP (gross domestic product) and inflation in the next two weeks," said trader Justino Calaycay Jr. of Accord Capital Equities. Overnight, both the Dow and Nasdaq edged up despite dismal economic news. In Asia, meanwhile, stock markets were trading higher, led by Hong Kong, Singapore, Taiwan, and South Korea. In the local bourse, four of five most traded stocks for the day closed in the green. Philex Mining Corp., the country's largest miner and the day's top traded, jumped P1.70 or 8.95 percent to P20.70. Diversifying conglomerate San Miguel Corp. was flat at P110. Aboitiz Power Corp. climbed P0.90 or 3.20 percent to P29. Telecommunications giant Philippine Long Distance Telephone Co. gained P38 or 1.56 percent at P2,478. Gokongwei-owned Universal Robina Corp. added P2 or 4.88 percent at P43. -- CMA/OMG, GMA News