Printer Friendly

Philippine stocks rise on upbeat economic developments abroad.

MANyLA (CyHAN)- The Philippine stock market closed Monday's session higher on the back of positive economic developments in China and the United States.

The bellwether Philippine Stock Exchange index rose by 0.89 percent, or 54.16 points, to 6,167.82, while the broader all-share index added 0.76 percent, or 28.05 points, to 3,733.61.

Trading volume reached 1.11 billion shares worth 6.59 billion pesos (147.3 million U.S. dollars) with 97 stocks advancing, 54 declining, and 46 remaining unchanged.

All six counters were up.

"Favorable lending numbers from China added fodder to the Dow Jones' 126-point surge on Friday," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

These developments, he said, allowed the local equities to carry last week's momentum when the index finished the week with a 1.71-percent gain.

Calaycay also said the local bourse was also buoyed by the earnings of local firms which were in line with investors' expectations, allowing the index to breach the 6,170 interim resistance level.

"Trading in the next couple of weeks will focus on individual corporate profit numbers," he said.

Stocks in the 30-company index were up. These include Metropolitan Bank and Trust Co., SM Investments Corp., and Banco de Oro Unibank, Inc. (Cihan/Xinhua)


Copyright 2014 Cihan News Agency. All right reserved. Provided by , an company
COPYRIGHT 2014 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Cihan News Agency (CNA)
Date:Feb 17, 2014
Previous Article:Vietnam's trade surplus reaches record high of 1.44 bln USD in Jan.
Next Article:Korean woman and Turkish man ties knot in southern Turkey.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters