Positive prospects boost Phl stocks

MANILA, Philippines - Positive prospects for the year pushed the local benchmark index above the 7,300 mark yesterday, with the possibility of hitting another record high for 2014 looming in the horizon.

The Philippine Stock Exchange index (PSEi) gained 0.51 percent or 37.35 points to end at 7,331.73, while the broader All Shares index likewise rose 0.22 percent or 9.55 points to 4,306.45.

“Expectations of lower consumer prices for November, plus hopes for extended stimulus calls from regional central banks aided buying appetite,” F. Yap Securities investment analyst Jason Escartin said.

Escartin said other investors also repositioned on prospects for improved consumer spending and low borrowing costs before 2014 comes to close.

Despite the advance, market breadth was negative as decliners crushed advancers, 118 to 62, while 41 stocks were unchanged.

Local counters were also mixed at three apiece. Property firms led all counters in the green, climbing 1.10 percent or 31.09 points, while mining and oil firms took the largest plunge at 1.91 percent or 307.45 points.

Value turnover stood at P7.65 billion, lower than P8.67 billion recorded last Friday.

Top gainer was Swift Foods Inc. with share prices improving 20 percent, while biggest loser for the trading day was Trans-Asia Petroleum Corp., whose share prices dropped by about 10 percent.