PHL share prices snap 4-day slump on back of Wall Street gains

Philippine share prices snapped a four-day decline, helped by the overnight gains in Wall Street. The benchmark 30-company Philippine Stock Exchange index rose 32.54 points or 0.76 percent to 4,291.40 while the all shares jumped 17.24 points or 0.57 percent to 3,017.90. Gainers dominated losers, 91 to 49, while 45 stocks closed unchanged. Except for the Holdings Firms index, which edged down 0.18 percent, all other sub-indices advanced led by Property's 2.13-percent upsurge. Volume traded reached 5.86 billion shares valued at P4.66 billion. "...the situation remains fluid and the volatilities in overseas markets heightened, making it difficult for locals to make judgments on the forward prospects," said trader Justino Calaycay Jr. of Accord Capital Equities. Overnight Wednesday the Dow jumped 1.27 percent while Nasdaq advanced 1.60 percent. As of mid-trade Thursday, most Asian markets were trading higher led by the over 1 percent jump of main indices in Japan and Taiwan. In the local bourse all five most active stocks closed in the green. Lepanto Consolidated Mining Co. "A", the session's top traded, added P0.02 or 1.55 percent at P1.31, while its "B" shares rose P0.04 or 2.88 percent to P1.43. Union Bank of the Philippines gained P0.45 or 0.75 percent at P60.55. Retail giant SM Prime Holdings Inc. climbed P0.70 or 5.74 percent to P12.90. Telecommunications giant Philippine Long Distance Telephone Co. leaped P20 or 0.85 percent to P2,384. - CMA/OMG, GMA News