PHILIPPINE DAILY INQUIRER - May 6, 2009
Property issues lift stocks
MANILA, Philippines—Local stocks held on to recent gains despite an overnight retreat in Wall Street as offshore investors tempered their risk-taking ahead of the US government’s stress tests on banks.The main-share Philippine Stock Exchange index Wednesday inched up by 0.41 percent to close at 2,206.23 despite a continued cautious trading on index heavyweight PLDT and profit-taking on other stocks like EDC and Metrobank.
The financial sector and property indices were slightly up 0.31 percent and 0.99 percent, respectively, while the service and mining counters were marginally down.
Total trades reached about P3.5 billion, with 67 gainers edging out 41 decliners and 39 unchanged stocks.
Among the stocks which were buoyant were Megaworld, ICTSI, Filinvest Land, Ayala Corp. and SM Investments.
Property stocks are benefiting from expectations of a further downtrend in interest rates as the country’s inflation rate softened further in April.
contact us and we will get back to you as soon as we can.