MANILA, Philippines (Xinhua) – The Philippine stock market inched higher today following the positive outlook on the US economy.
The bellwether Philippine Stock Exchange index gained 0.34 percent or 19.75 points to 5,854.88, while the broader all-share index rose by 0.09 percent or 3.07 percent or 3,592.96.
Trading volume reached 658 million shares worth P5.26 billion ($118.45 million) with 86 stocks declining, and 69 advancing, and 34 were unchanged.
Of the six counters, only the holding firm and the services sector bucked the trend.
“Attempts to move higher were felt as some investors laud the latest revision in US gross domestic product at 4.1 percent,” 2TradeAsia.com said.
The 4.1 percent was the fastest since 2011 and mostly came from stronger consumer spending.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
The positive news initially kicked the Philippine equities to as high as 5,885.94 or almost a 50-point-gain but sellers were quick to cap any rally.
“With the shortened trading week however plus Christmas break, some seized on rises to pocket gains while waiting for other catalysts to support sentiment,” the online brokerage said.
2TradeAsia.com advises investors to trade within range as immediate support is seen at 5,800, while resistance is set between 5,850 to 5,870.
Stocks in the 30-company index closed mixed. Among those sold down were Ayala Land, Inc., SM Investments Corp., and heavyweight Philippine Long Distance Telephone Co.
