Stocks recover despite lack of positive leads

MANILA, Philippines (Xinhua) - The Philippine stock market managed to bounce back from losses today despite the lack of positive leads.

The bellwether Philippine Stock Exchange index rose by 0.10 percent, or 7.23 points, to 7,276.18, while the broader all-share index was up by 0.17 percent, or 7.21 points, to 4,278.39.

Trading volume reached 3.74 billion shares worth P9.25 billion ($205.18 million) with 91 stocks advancing, 82 declining, and 51 closing flat.

Of the six counters, only the property sector bucked the trend.

The local stock market swung between gains and losses today. Online brokerage 2TradeAsia.com said the "sideways tone" is expected, as participants looked for new leads to prop up year-end buying.

While some investors took their cue from Wall Street's ascent on signs of improvement in the US economy, others decided to liquidate their positions.

The composite index lost more than 20 points from Thursday's close before buying picked up during the latter part of the session.

By the end of the trading session, the Philippine stock market managed to wrap up the week with a 0.81-percent gain.

"The peso (depreciation) pushed some investors to stay cautious, especially with the latest uptick in turnover," 2TradeAsia.com said.

Stocks in the 30-company index closed mixed. Among those sold down were heavyweight Philippine Long Distance Telephone Co., Ayala Corp., and JG Summit Holdings, Inc.