Phl stocks ease ahead of long Lenten break

MANILA, Philippines - Local share prices managed to rise in thin trading yesterday as investors cashed in on gains from last week’s rally ahead of the long Lenten break.

The main PSEi advanced 3.13 points or to close at 5,110.86. A total of 1.41 billion shares valued at P3.11 billion were traded. Losers led gainers 88 to 73, while 40 issues were unchanged.

This is a “short trading week and investors’ psyche are on vacation mode,” said Mark Angeles, head of research at First Metro Securities Brokerage Corp.

Philippine markets will be closed for Maundy Thursday and Good Friday.

Meanwhile, aggregate market capitalization of listed firms at the Philippine Stock Exchange reached a record P9.81 trillion in the first quarter this year, 9.8 percent higher than the P8.93 trillion posted in the same period in 2011.

Data compiled by the PSE show that total value turnover jumped 54.5 percent to P502.08 billion from P325.02 billion a year earlier.

The PSE said the extension of trading hours from 1 p.m. to 3:30 p.m. since Jan. 2 significantly boosted market trading volumes.

During the period under review, the benchmark Philippine Stock Exchange index (PSEi) rose 16.8 percent to 5,107.73, buoyed by optimism over the local economy, rosy prospects of listed corporations, and encouraging signs of recovery of the US and European markets.

The PSE’s finish in the first quarter was higher by 1,052.59 points from its previous close of 4,055.14 in the same period a year ago. The main index surged to a new record high last March 16 at 5,145.8, having already rewritten all-time highs 13 times in the January to March period alone.

“The PSEi’s journey to uncharted territories in the first quarter underpins investor confidence on Philippine corporates and the promise of our country’s growing economy. Even as the execution and attainment of higher goals are ongoing, our investors have given their affirmation that Philippines Inc. is indeed headed towards the right direction,” PSE president and chief executive officer Hans B. Sicat said.