PH Stocks Recover on Expectations US Fed will Maintain Stimulus

PHStocks 31/10/201331/10/2013 0 Comments Ayala, BDO, LT Group, LTG, Metro Pacific Investments, MPI, PLDT, PNB, SM Investments, SMPH, TEL

Manila—(PHStocks)—Philippine stocks rebounded on Wednesday, 30 October, as investors expect the US Federal Reserve will maintain the stimulus amid weak economic results.

The mainboard Philippine Stock Exchange index (PSEi) went up by 0.82% or 53.75 points to close the day’s trading at 6,597.21.

Except for the Mining and Oil index (-0.51%), all counters were in the green, led by the Property sector, which gained close to 2%, followed by the Financials, which increased by 1.5%. The wider All Shares index inched up by 0.39%.

Trading remained weak, however, as investors await the results of the Fed’s meeting this Wednesday (US time). Value turnover only reached PhP6.48 billion on 1.69 billion shares traded. There were 81 gainers against 78 decliners, while 35 stocks were flat.

Most active stocks in terms of value are Philippine Long Distance Telephone Co. (TEL, PhP2,860.00, 0.21%), SM Prime Holdings Inc. (SMPH, PhP18.68, 0.97%), Ayala Corp. (AC, PhP601.50, NC), Metro Pacific Investments Corp. (MPI, PhP4.87, 1.25%), SM Investments Corp. (SM, PhP855.00, -0.58%), Metropolitan Bank & Trust Co. (MBT, PhP90.00, 1.12%), Ayala Land Inc. (ALI, PhP30.00, 3.45%), LT Group Inc. (LTG, PhP16.60, 1.84%), BDO Unibank Inc. (BDO, PhP80.50, 0.88%), and Philippine National Bank (PNB, PhP93.00, 4.97%