Share prices continue to gain ground

MANILA, Philippines - Share prices continued to gain ground yesterday, closing above the 7,000 mark on the back of gains in global stocks, analysts said.

The Philippine Stock Exchange index (PSEi) sustained Monday’s rally as it   climbed   93.56 points, or 1.34 percent, to settle at 7,055.49. Similarly, the broader All Shares index also rose by 20.23 points, or 0.50 percent, closing at 4,031.78. All other indices closed in positive territory, sustaining Monday’s gains.

Value turnover reached P13.63 billion as advancers outnumbered decliners, 113 to 67. Forty-six stocks were left unchanged.

Analysts said shares prices rose yesterday on the back of gains in global markets. The Dow Jones, Standard & Poors and Nasdaq all closed higher at 1.85 percent, 1.83 percent and 1.56 percent, respectively.

Philippine Stock Exchange (PSE) president Hans Sicat there’s no telling what will happen to the market’s prevailing volatility and whether it would sustain the gains the past two sessions.

Sicat said   there are a lot of companies looking to list in the local bourse but the exact timing of the listings is still anybody’s guess given the prevailing volatility.

Earlier in the year, the PSE expects some P200 billion to be raised from the local bourse this year but Sicat said it is uncertain if the P200-billion mark would be achieved. As of June, the debt issuances have reached P75 billion.

 “If it continues to be volatile and negative, we probably will not reach P200 billion,” Sicat said.