Market posts modest technical rebound on Wall St gains
The Philippine Star 02/16/2006
Share prices closed 0.2 percent higher yesterday, managing a modest technical rebound after Wall Street’s sharp gains overnight while profit-taking limited the advance, dealers said.
The market is in consolidation mode after sharp gains last month and looks set to continue in a narrow range for the time being, they said.
The Philippine Stock Exchange composite index rose 4.20 points at 2,074.09 after trading between 2,066.85 and 2,085.73. Volume was 1.45 billion shares worth P2.47 billion.
The broader all-shares index advanced 16.83 points to 987.30.
Gainers outnumbered losers 47 to 31, with 58 stocks unchanged.
"After several days of decline, investors are starting to pick up select issues which offer good value," said Lawrence de Leon of Accord Capital Equities Inc.
However, Summit Securities Inc. president Harry Liu said the market remains in consolidation mode, with its medium-term resistance seen at 2,170.
"In the short-term, we’ll likely see the main index targeting the 2,100-2,120 level. Credit rating agencies’ views that the outlook for the economy is improving should bring us to that direction," Liu said.
Philippine Long Distance Telephone was the most actively traded stock, closing up P40 at P1,770.
Ayala Land fell 25 centavos to P10.25 and its parent Ayala Corp. lost P5 to P330.
San Miguel Corp. A-shares, limited to Filipino investors, ended steady at P62 while San Miguel Corp. B-shares, available to Filipino and foreign investors alike, were down P1 at P83.
The advance of PLDT ADRs was in step with the 1.3 percent rise in the Dow Jones Industrial Average and the one percent advance by the Nasdaq Composite Index Tuesday, triggered by softening world crude prices.
Other active stocks included Universal Robina, which closed up 5.6 percent at P19, following the food concern’s well-received stock offering.
Capping the market’s upside was Ayala Land, which gave up 2.4 percent to close at P10.25 on continued profit taking. Also down was San Miguel B, off 1.2 percent at P83.
Wednesday’s trades included special block sales involving 716.4 million Salcon Power shares.
During trading, President Gloria Macapagal Arroyo paid a visit to the trading floor of the stock exchange headquarters in the financial district of Makati. – AFP, AP
The Philippine Star 02/16/2006
Share prices closed 0.2 percent higher yesterday, managing a modest technical rebound after Wall Street’s sharp gains overnight while profit-taking limited the advance, dealers said.
The market is in consolidation mode after sharp gains last month and looks set to continue in a narrow range for the time being, they said.
The Philippine Stock Exchange composite index rose 4.20 points at 2,074.09 after trading between 2,066.85 and 2,085.73. Volume was 1.45 billion shares worth P2.47 billion.
The broader all-shares index advanced 16.83 points to 987.30.
Gainers outnumbered losers 47 to 31, with 58 stocks unchanged.
"After several days of decline, investors are starting to pick up select issues which offer good value," said Lawrence de Leon of Accord Capital Equities Inc.
However, Summit Securities Inc. president Harry Liu said the market remains in consolidation mode, with its medium-term resistance seen at 2,170.
"In the short-term, we’ll likely see the main index targeting the 2,100-2,120 level. Credit rating agencies’ views that the outlook for the economy is improving should bring us to that direction," Liu said.
Philippine Long Distance Telephone was the most actively traded stock, closing up P40 at P1,770.
Ayala Land fell 25 centavos to P10.25 and its parent Ayala Corp. lost P5 to P330.
San Miguel Corp. A-shares, limited to Filipino investors, ended steady at P62 while San Miguel Corp. B-shares, available to Filipino and foreign investors alike, were down P1 at P83.
The advance of PLDT ADRs was in step with the 1.3 percent rise in the Dow Jones Industrial Average and the one percent advance by the Nasdaq Composite Index Tuesday, triggered by softening world crude prices.
Other active stocks included Universal Robina, which closed up 5.6 percent at P19, following the food concern’s well-received stock offering.
Capping the market’s upside was Ayala Land, which gave up 2.4 percent to close at P10.25 on continued profit taking. Also down was San Miguel B, off 1.2 percent at P83.
Wednesday’s trades included special block sales involving 716.4 million Salcon Power shares.
During trading, President Gloria Macapagal Arroyo paid a visit to the trading floor of the stock exchange headquarters in the financial district of Makati. – AFP, AP
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