Index rallies on quarter-end window dressing

MANILA, Philippines - Share prices rallied yesterday, pushing the main composite index above the 6,400-mark anew.

Analysts said the local market tracked the gains of its Asian peers on quarter-end window dressing and expectations of monetary stimulus in China and Europe.

At the Philippine Stock Exchange, the benchmark index rose 69.09 points, or 1.09 percent, to close at 6,428.71.

All counters finished in the green, led by the mining and oil sub-sector, which jumped 2.29 percent.

Advancers beat decliners, 95 to 59, while 50 issues were unchanged.

Value turnover picked up to P9.98 billion from Friday’s P9.31 billion, as 1.23 billion stocks changed hands.

Most actively traded stocks were Universal Robina, GT Capital, Ayala Land, Ayala Corp. and PLDT.

Top gainers were Berjaya Philippines, Central Azucarera and Ever-Gotesco, while the biggest losers were F&J Prince, Nextstage and United Paragon.

Japan’s Nikkei share average hit a three-week closing high, with exporters leading the way on a weaker yen.  Traders also suspect the market also got a lift from window dressing by fund managers as books close for the fiscal year-end yesterday.

The benchmark Nikkei advanced 0.9 percent to 14,827.83, its highest level since March 12. On the quarter, however, the index shed nine percent to mark its first quarterly decline in 1-1/2 years and the worst quarterly performance in seven quarters.