PH shares end up higher

The local stock market saw some increases during mid-week trade as investors, albeit cautious, bet on a possibly stronger second quarter Philippine gross domestic product (GDP), which will be announced today [Thursday].

Philippine Stock Exchange index (PSEi) yesterday sustained its recovering momentum with additional 37.58 points, or 0.55 percent to 6,867.92, as well as the wider all shares, which was up by 35.12 points, or 0.90 percent to 3,931.44.

Lexter Azurin, head of research at Unicapital Securities, Inc., said the market ended on a positive note but observing the sentiment, investors remained cautious with regards to the continued uncertainties in China.

“Trading is still quite volatile. But one positive factor is that investors are betting on positive second quarter GDP, which is expected to be stronger,” he told Business Bulletin, adding that if GDP failed to meet expectations, it should dampen investors’ confidence in the country.

Except for financials, which was down by 12.83 points, or 0.21 percent to 6,256.25, the rest of the sectors were also up. Among them, industrial had the largest improvement, rising by 221.61 points, or 2.14 percent to 10,585.09, followed by property, which was up by 52.78 points, or 1.92 percent to 2,807.02.

Services gained 17.13 points, or 0.94 percent to 1,837.90, and mining and oil, which increased by 95.82 points, or 0.93 percent to 10,398.10.

With 4.14 billion shares changing hands, the total value of shares traded on Wednesday stood at R12.62 billion. Market breadth also improved as gainers beat losers, 122 to 58.

Most actively traded stocks were GT Capital Holdings, Inc., LT Group, Inc., Ayala Land, Inc., and Philippine Long Distance Telephone Co., and Universal Robina Corp.