Local stocks manage to rise despite technical glitch

MANILA, Philippines - The local market managed to rise yesterday despite a technical glitch that forced it to open more than a hour late at 10:45 a.m.

The Philippine stock index went up by 35.50 points to close at 3,069.63 points.

The Philippine Stock Exchange advised investors that its pre-open   period started at 10:45 a.m. yesterday and trading began 10 minutes after. Trading normally starts at 9:30 a.m. and ends until 12 noon.

As a result of the delay, trading was extended until 1 p.m. yesterday. ‘’The PSE resolved technical problems during the market pre-open. We apologize to our investors, issuers and stakeholders for the delay and any inconvenience,’’ said Val Suarez, senior vice president and chief operating officer of PSE.

Analysts ruled out any negative effect on the market’s performance due to the opening delays. “The technical glitch had nothing to do with how the market performed today,” the analyst said.

Analysts said the market’s rise was attributed to positive corporate results propelled by increased spending from the political campaigns.

On the local front, the all share index went down 6.82 points to 1,926.64.

A total of 1.74 billion stocks worth P2.66 billion changed hands. Despite the stock index gain, loser beat gainers 50 to 43, with 58 unchanged.

Four of the six subindices advanced, led by industrial stocks rising 88.82 points to 4,627.56, followed by property stocks closing 21.17 points higher to 1,062.44.

Likewise, financial stocks added 8.83 points to 645.48, while service stocks rose 6.59 points to 1,547.26.

Mining and oil stocks dropped 77.75 points to 9,562.96, while holding firms were practically unchanged, closing 0.05 point higher to 1,736.56.

Friday’s biggest loser, Prime Gaming Philippines, Inc., lost P5.50 to P24 while the biggest gainer IP E-Game Ventures, Inc. added P15 to P120.

Dominant carrier Philippine Long Distance Telephone Co. (PLDT), the day’s most traded stock, gained P20 to P2,675 apiece.