Phl stocks remain in consolidation mode

MANILA, Philippines - The local stock market remained in consolidation mode, with the main index slightly rebounding yesterday.

The Philippine Stock Exchange index rose 0.11 percent or 6.92 points to 6,327.88, while the broader all shares index gained 0.11 percent or 4.14 points to 3,864.74.

“The market recovered sightly but it is still flat. It seems like the trend is market consolidation,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview.

Del Castillo said the bellwether index is hovering at the 6,300 territory, which is a good support level despite a series of large initial public offerings and follow-on share sales that cut liquidity in the market.

The local bourse tracked the trend in Wall Street that picked up amid strong corporate earnings data.

Most subindices ended in the positive territory, led by mining and oil that rebounded 0.87 percent or 104.23 points to 12,080.29. The property sector lost 0.91 percent or 23.41 points to 2,540.31.

Losers barely outplayed gainers, 78 to 74, while 42 stocks did not change.

Turnover value weakened to P6.39 billion from P7.3 billion on Wednesday.

Most active stocks were mixed, with advancers led by top-traded

Alliance Global Group Inc. (+2.69 percent) that reported strong nine-month net income while the decliners were led by Metrobank (-0.06 percent).