Index rises as investors start coming in

MANILA, Philippines - Share prices rebounded yesterday as investors started to trickle in, returning from the extended holidays.

The Philippine Stock Exchange index recovered 0.64 percent or 37.88 points to 5,985.81, while the broader all shares index picked up 0.62 percent or 22.53 points to 3,670.44.

“I think investors are still banking on positive the macroeconomic fundamental outlook for this year,” said Freya B. Natividad, investment analyst at Papa Securities Corp.

Natividad said some investors started returning to the market from vacation, with value of shares traded improving to P4.91 billion from P4.24 billion on Friday.

Wall Street’s performance late last week also  benefited local stocks despite the downturn in  Asian markets. The Dow Jones industrial average was up 28.64 points, or 0.17 percent, at 16,469.99 but the broader Standard & Poor’s 500 index dipped 0.03 percent or 0.62 points to 1,831.36.

Asian stocks dropped yesterday given the slower-than-expected growth in the service sector of world’s second largest economy China in December.

Locally, all counters were in the green, led by mining and oil that climbed 1.05 percent or 131.96 points to 12,754.24 and industrial firms that gained 0.92 percent or 81.39 points to 8,975.94.

Advancers outpaced decliners, 97 to 59, while 39 stocks did not change.

Most active issues were in the positive territory, led by BDO (+1.92 percent) and index heavyweight PLDT (+0.68 percent).