Wednesday, June 6, 2012

Philippine stock market closed June 6 2012

Philippine stock market closed June 6 2012 : The Philippine stock market ended higher Wednesday tracking gains in the US equities. The bellwether Philippine Stock Exchange index gained 0.83 percent or 40.94 points to 4,966.58. The broader all-share index rose 0.73 percent or 23.89 points to 3,317.76.

Trading volume reached 1.27 billion shares worth P4.63 billion with 93 stocks advancing, 52 declining, and 46 unchanged.all six counters went up, led by the services sector.

"Asian stocks mostly rose on better than expected Australian economic growth along with positive US data on services," brokerage DBP-Daiwa Securities, Inc. said.

The Dow Jones industrial average index was up 0.22 percent on Tuesday. Asian stocks were mostly up.

But while the Philippine stock market will continue to test the 5,000 resistance level, investors' apprehension remain palpable.

The composite index touched an intra-day high of 4,977.53 on Wednesday before profit taking limited the gains.

The element of 'fear' is still felt across regional markets on possibilities Greece might renege on its pledge to support austerity bills based on the nation's earlier debt commitment," brokerage said.

Greece's dilemma continues to overshadow the positive economic data in the Philippines, among which was the faster growth of the local economy in the first quarter and a slower inflation. nevertheless said they are inclined to view this as "short-term switch" to volatile markets such as forex and advises investors to stay alert for possible accumulation on stocks that have reached their recent lows.

Stocks in the 30-company index were mostly up. Among those bought up include DMCI Holdings, Inc., heavyweight Philippine Long Distance Telephone Co., and Alliance Global Group, Inc.

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