PH Stocks Maintain Rally, Reach 6800

Manila—(PHStocks)—Philippine stocks jumped further on Wednesday, July 24, as investors remain optimistic of the country’s macroeconomic growth this year. With the confusion settling down regarding whether or not the US Federal Reserve will start scaling back its stimulus program, “hot money” is starting to flood the market again. The Philippine Stock Exchange (PSE) index went up by a further 0.9% to close today’s trading at 6,804.16 – climbing to the 6800 level once again.

Some counters, however, have suffered slight profit-taking after yesterday’s rally. The Mining and Oil index slid by 0.56% while the Services sector declined by 0.2%. The Property sector, on the other hand, led the gainers, posting a 1.51% increase, while the Holding Firms sector increased further by 1.39%.

Trading continued to be moderate. Value turnover reached PhP8 billion on 1.2 billion shares traded. According to PSE, foreign buying reached PhP3.62 billion while foreign selling was PhP3.69 billion.

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Today’s most active stocks in terms of volume are Alliance Global Group Inc. (AGI, PhP27.00, +3.85%), Cosco Capital Inc. (COSCO, PhP11.20, +5.26%), SM Investments Corporation (SM, PhP960.00, +1.05%), Philippine Long Distance Telephone Co. (TEL, PhP3,078.00, -0.71%), Ayala Land Inc. (ALI, PhP31.40, +1.62%), BDO Unibank Inc. (BDO, PhP85.95, +1.18%), Manila Electric Company (MER, PhP285.00, NC), Ayala Corp. (AC, PhP640.00, +1.59%), Metro Pacific Investments Corporation (MPI, PhP5.39, NC), Universal Robina Corporation (URC, PhP129.00, +3.12%).

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