Market snaps 4-day losing streak on late window-dressing

Share prices closed 0.7 percent higher yesterday, snapping a four-day losing streak on late window-dressing for the end of the first quarter, dealers said.

The Philippine Stock Exchange composite index rose 15.31 points to 2,195.95, its high for the day. It touched a low of 2,178.75.

Volume reached 2.26 billion shares worth P3.49 billion.

The broader all-shares index advanced 5.91 points to 1,071.01. Gainers outnumbered losers 58 to 29, while 50 stocks ended unchanged.

"Fund managers rushed to boost their portfolios that will be presented to clients at the end of the quarter," said James Lago of Westlink Global Equities Inc.

"Today’s rise was primarily because of quarter-end window-dressing," he said.

Investors were also taking positions ahead of the changes in the composition of the 30-company composite index that will take effect on Monday.

Property developer Empire East Land Holdings Inc. and Manila Mining Corp. will replace Holcim (Philippines) Inc and Pilipino Telephone Corp. in the new index after the bourse adopted stricter criteria such as higher free float and daily turnover.

Top-traded Philippine Long Distance Telephone Co. (PLDT) rose to a fresh record high, ending up P20 at P1,925.

Conglomerate SM Investments Corp. gained P1 to P229 while unit SM Prime Holdings Inc. was up 10 centavos at P7.90.

Ayala Land Inc. added 50 centavos to P11.25 while parent Ayala Corp. was flat at P355. Bank of the Philippine Islands ended up 50 centavos at P62.50.

San Miguel A shares were flat at P60.50 while San Miguel B retreated by 50 centavos to P81.

"The market is coming off a correction which was expected," said ATR Kim Eng Securities research head Edgar Bancod. "After that, it was understood that the market will resume its rise."

Philex Mining A and B gained 5.9 percent to close at P2.70 on rising metal prices and the company’s plan to declassify its shares to common stocks to boost liquidity and investor interest.

Profit-taking continued to weigh on Equitable PCI Bank, down 1.3 percent at P75. – AFP, AP