Market climbs on Dow’s overnight gains

Share prices closed marginally higher yesterday on bargain-hunting in select stocks, with Wall Street’s overnight gains slightly lifting sentiment, dealers said.

However, political concerns arising from the impeachment move against Supreme Court Chief Justice Hilario Davide and a weaker peso kept most investors at bay, they said.

The Philippine Stock Exchange composite index added 1.78 points or 0.13 percent at 1,364.82, having traded between 1,362.63 and 1,368.68.

Turnover was P217.83 million shares worth P495.6 million after 264.87 million shares worth P378.12 million on Tuesday.

Gainers beat losers 23 to 13, with 50 stocks unchanged.

The all shares index was up 5.23 points at 831.48.

The commercial-industrial index was down 2.26 at 1,999.20, while property was up 3.77 at 611.14.

Mining gained 44.81 to 1,654.13, while oil was flat at 1.29.

Banking and financial services gained 0.43 to 435.

Elena Ponceca of Unicapital Securities said that companies which recently released their third quarter results have so far reported impressive performances, raising hopes that the next batch will also be positive.

"For the coming sessions, investors will be looking at local developments for guidance. When it comes to decisions about buying or selling stock, investors are likely to focus more on corporate earnings and economic data than what is going on in the political arena," said Jose Vistan of AB Capital Securities.

Philippine Long Distance Telephone Co. (PLDT) was top-traded, down P15 at 725 while Globe Telecom was flat at P775.

Manila Electric Co. B, which is open to foreigners, was down 75 centavos at P20.25 while A fell 25 centavos P13.75. Analysts said investors took profit following the company’s 103-percent increase in its third quarter net profit to P573 million.

Ayala Corp. was flat at P4.90 while unit Ayala Land was also steady at P6.50. – AFP