Wall St climb buoys PH stocks

Posted at 03/11/14 11:23 AM

MANILA, Philippines - The local benchmark index slightly recovered yesterday as Wall St.’s climb offset negative sentiments caused by geopolitical tensions in Ukraine.

The Philippine Stock Exchange index inched up 0.08 percent or 5.40 points to 6,487.23, while the broader all shares index eased 0.02 percent or 0.61 points to 3,896.72.

“We closed in the positive territory for today on good support coming from the positive results in the US especially the Dow Jones,” Freya Natividad, investment analyst at Papa Securities, said in a phone interview.

“The positive jobs report overshadowed the Ukraine-Russia tensions,” Natividad said.

On Friday, better-than-expected jobs data in February buoyed investor sentiment, with the Dow Jones industrial average rising 0.19 percent or 30.83 points to 16,452.72 while the broader Standard & Poor’s 500 index added 0.05 percent or 1.01 points to close at a new record of 1,878.04.

In contrast, Asian markets declined following reports that exports of world’s second largest economy China surprisingly fell in February. Japan’s Nikkei 225 shed 1.01 percent or 153.93 points to 15,120.14.

Locally, all counters, save for the property sector that lost 0.38 percent or 9.41 points to 2,442.41, were in the green. Mining and oil led the advancers as it rose 0.52 percent or 75.11 points to 14,525.75.

However, investor participation fell as value turnover hit just P6.19 billion from P8.18 billion on Friday. Losers outpaced gainers, 90 to 57, while 45 stocks did not change.