(tradingmarkets.com)
The Philippine market rallied on Thursday after four days of fall, with the bellwether Philippine Stock Exchange index up 0.05 percent or 1.72 points to 3,085.58, the all share index up 0.04 percent or 0.83 points to 1,931.45.
Integrated Micro-Electronics, Inc., which listed today, increased 50 percent in its value.
Of the six counters, mining and oil shares rallied, along with property shares and financial stocks. Industrial issues meanwhile dipped along with holding firms and the service sector.
Trading was slim at 2.25 billion pesos (49.1 million U.S. dollars) or only 1.13 billion shares were changed hands. Foreign investors were net buyers at 118 million pesos (2.57 million U.S. dollars). Market breadth remains negative where 53 issues tumbled while to 43 while 70 stocks did not move.
Elizabeth Abadillo of local brokerage Angping & Associates, Inc. said only selected issues gave the local index the push that it needs. The last-minute buying were mostly seen in issues like Ayala Land, Inc., Philex Mining Corp. and Sy-led Banco de Oro Unibank, Inc. Click here to read more...
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