Phl stocks move up marginally as investors in two minds
MANILA, Philippines (Xinhua) - The Philippine stock market posted marginal gains on Thursday as most investors remain uncertain of the local equities.
The bellwether Philippine Stock Exchange index gained 0.11 percent or 6.92 points to 6,327.88, while the broader all-share index rose by 0.11 percent or 4.14 points to 3,864.74.
Trading volume reached 1 million shares worth P6.39 billion ($146.61 million) with 78 stocks declining, 74 advancing, and 42 flat.
Of the six counters, only the services and the property sectors bucked the trend.
2TradeAsia.com said gauges moved sideways as investors check for regional bourses' response to China's four-day top-level policy meeting which ended on Tuesday with calling for a " comprehensive economic reforms."
2TradeAsia.com however added that some investors remain at bay, pending the estimated economic effects and fiscal charges from super typhoon Haiyan.
"Trade a range. Immediate support is 6,300, resistance at 6,340- 6,350," it said.
Stocks in the 30-company index closed mixed. Among those picked up were Alliance Global Group, Inc., Megaworld Corp., and Ayala Corp.
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