Index climbs as investors accumulate stocks

MANILA, Philippines - Investors decided yesterday to amass more shares in the market, lifting the bellwether index from its dip last week.

The Philippine Stock Exchange index rebounded 0.27 percent or 19.07 points to finish at 7,027.58, while the broader all shares index rose 0.08 percent or 3.40 points to 4,171.72.

“Different investors opted to accumulate more shares in the market, especially on stocks that are expected to do well for the year,” said Astro del Castillo, managing director of First Grade Finance Inc. 

Castillo added that dissipating concerns overseas like that in the Middle East as well as in Africa also played a part in sending both the PSEi and all shares index in positive territory.

Asian stocks, meanwhile, stalled as Ukrainian conflict continued to weaken investor confidence.

Industrial firms posted the highest growth at 0.99 percent or 105.84 points while holding firms declined by 0.46 percent or 28.72 points.

Pancake House Inc. was yesterday’s biggest gainer seeing its share prices surge to 38.67 percent.

Market breadth, however, was negative as decliners beat advancers, 118 to 70, while 41 issues were unchanged. Value turnover slid to P8.25 billion from last Friday’s P9 billion as 1.57 billion shares changed hands.

Most actively traded stocks were PLDT, Puregold, Alliance Global, Ayala Land and Meralco. Top gainers were Pancake House, Transpacific Broadband and Paxys, while the biggest losers were Bogo Medellin, Euro-Med and ISM.