Phl stocks climb despite negative sentiment overseas

MANILA, Philippines - Local share prices managed to rise in moderately active trading yesterday as the market tried to grapple with negative sentiments overseas.

The main PSEi was up 20.16 points or 0.40 percent to close at 5,117.46.

Over 1.93 billion shares valued at P6.54 billion changed hands in the morning and afternoon sessions.

Loser led winners 87 to 74, while 42 issues were unchanged.

The PSEi hit an intra-day low of 5,070.76 before bargain hunters scoured for good buys.

“The market is reacting to the sell-off in US equities last Friday,” said Mark Angeles, head of research at First Metro Securities Brokerage Corp. “Data last Friday indicated that the US consumers are not so confident.”

Meanwhile, the Philippine Stock Exchange yesterday bared the list of nominees vying for spot on its 15-man board for this year’s annual stockholders’ meeting and elections scheduled on May 5.

Based on the official list of candidates released by the PSE, 18 individuals have been nominated with bourse chairman Jose T. Pardo and president Hans B. Sicat, expected to keep their respective posts.

Seven individuals were nominated to fill in the seven-broker director slots. They are former PSE chairman Vivian Yuchengco, Eusebio Tanco, Alejandro Yu, Eddie Gobing, Emmanuel Bautista, Francis Chua, and David Chua.

There are also seven people vying for the five non-broker slots representing investors, issuers and market participants. They are Amor Iliscupidez (San Miguel Corp. Retirement Plan), Robert Vergara (Government Service Insurance System), Anabelle Chua (Philippine Long Distance Telephone Co.), Edgardo Lacson (Philippine Chamber of Commerce and Industry), Marvin Fausto (Fund Managers Association of the Philippines), Paul Joseph Garcia (Fund Managers Association of the Philippines), and Robert Atendido (Investment Houses Association of the Philippines).