PHL shares edge higher on mostly speculative trading

Philippine shares edged higher Wednesday on mostly speculative trading in second- and third-tier stocks, following the slight advance posted by stocks on Wall Street. One of the most actively traded secondliners, technology and investment firm IPVG Corp., was the focus of speculative trading, according to a trader at DBP-Daiwa Capital Market Philippines Inc. The main Philippine Stock Exchange Index advanced by 36.29 points or 0.87 percent to close at 4,193.55. All sub-indices also registered gains. More than 11.590 billion shares valued at P3.917 billion changed hands, according to PSE Market Information online at 1 p.m. Gainers led losers 90 to 55 with 38 issues closing unchanged. There was a lot of speculative trading on Wednesday “but not on blue chips," and the market was “possibly following the Dow Jones," said a trader with Trans-Asia Securities Inc. More than 75.148 million IPVG shares valued at P269.332 million changed hands during Wednesday’s session. The issues closed at P3.48 per share, down from P3.50. There was a lot of speculation that a businessman is trying to buy into IPVG, and people are waiting for the company to make a disclosure with the PSE said, DBP-Daiwa’s trader. Overnight on Wall Street, the Dow Jones industrial average gained 66.26 points, or 0.58 percent, to 11,463.26, according to a Reuters report. — TJD, GMA News