Philippine stock prices closed higher january 2 2012

Philippine stock prices closed higher january 2 2012 : Philippine share prices closed higher on the first trading session of the year on hopes that the country may benefit from the influx of foreign funds to emerging markets in Asia amid uncertainties in Europe and the United States.

At the Philippine Stock Exchange (PSE), the benchmark index rose by 25.12 points, or 0.57 percent to close at 4,397.08 during the first day of afternoon trading stretching until 3:30 p.m.

The broader all-shares index gained 19.83 points, or 0.65 percent to 3,064.87. Among the six counters, only the holding firms sector failed to close in the green, losing 0.38 percent.

Gainers beat losers, 95 to 47, while 43 stocks were unchanged. Despite the extended trading hours, value turnover was thin at P1.77 billion on 846.27 million stocks.

"Expectations of influx of funds towards emerging markets in Asia pushed barometers higher but we're not yet aggressive as several big institutional players were on leave because of the New Year break," said Freya Natividad, investment analyst at 2TradeAsia.com.

At the noontime break, Philippine shares barely moved with the main index rising 5.6 points, or 0.13 percent to 4,377.56.

"The backdrop of 2011's generally poor performance weighed on sentiments and the forward outlook," said Jun Calaycay of Accord Capital Equities Corp. The PSE index closed out 2011 at 4,371.96, gaining 170.82 points or 4.1 percent For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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