Index climbs on selective buying

The stock market managed to climb yesterday on selective buying after experiencing a decline during the early morning session.

The benchmark Philippine Stock Exchange index (PSEi) gained 21.88 points, or 0.26 percent, to end at 8,365.11 while the broader All Shares index rose 5.75 points or 0.11 percent, to settle at 4,889.12.

Most sectoral indexes were up except for the mining and oil and services index which closed in the red.

Total value turnover reached P9.111 billion. Decliners outpaced advancing stocks 102 to 87 while 52 issues were left unchanged.

Traders said there are a lot of developments happening in the corporate world which are influencing the direction of the market.

Now Corp., for instance, closed at P2.94 or 1.03 percent higher on news that it may be emerge as a third telco player.

Alejandro Yu, president and chief executive officer of R.S. Lim Securities said “there are a lot of things happening now in the corporate world.”

One active stock is Now, which is emerging as a third telco player, Yu said.

Now Corp. has bared plans to enter the massive residential broadband market.

Philippine Telegraph & Telephone Corp. (PTT), although its shares are still on trading suspension, is likewise emerging as the third telco player and the strongest candidate to break the existing duopoly of Globe and Smart.