Local stocks extend gains for a 7th straight session
MANILA, Philippines - Local share prices on Wednesday bucked the general downtrend in the Asian region to extend its winning streak for a seventh session in a row.
The main index of the Philippine Stock Exchange rose by 0.8% to 3,804.73, pulled up mostly by blue chips like conglomerate Ayala Corp., property developer Ayala Land Inc., and banking heavyweights, Bank of the Philippine Islands and Metropolitan Bank and Trust Company.
The advance on Wednesday brings the market's gains to 6.8% in the last 7 sessions, making it the local stock market's longest winning streak since May 2009.
Traders said investor sentiment continues to be upbeat, with many maintaining the view that the country's strong fundamentals will drive up corporate earnings .
At this rate, they said the main index could hit the significant 4,000 mark by the end of the year.
Market breadth was positive, with advancers beating decliners 97 to 43, while 37 issues finished unchanged.
A total of 2.11 billion shares worth a hefty P6.12 billion changed hands.
Other blue chips were snapped up by investors, including conglomerate SM Investments Corp.
which surged by 3% to P505. - Maiki Oreta, ABS-CBN News
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We should be aware of the
We should be aware of the things that are happening around us.In this kind of situation that we have right now,we should look at each side of the situation so as to know the things that need solution.The stock exchange forged ahead Tuesday early morning on news the consumer confidence directory rose. The marketplaces went into reverse a short time later once the Fed released minutes from its latest meeting. Wednesday marketplaces shot up again on news of gains in U.S. and Chinese manufacturing. But when the Department of Labor turns lose its jobs report on Friday, many expect the stock exchange to resume its slide. Traders are probably glad the August rollercoaster ride is over. It was the worst performance in the eighth month the market has had since 2001. A key market indicator viewed closely by traders called the Marketplace Volatility Index, VIX, or “fear index,” rose to almost 11 percent as well-its widest August gain in nearly 10 years.