Index rises despite lack of market-moving news

MANILA, Philippines - The local stock market eked out a small gain yesterday as the market is still on the lookout for strong buying clues.

Bellwether Philippine Stock Exchange index gained 0.34 percent or 22.32 points to end at 6,661.44, while the broader all shares index inched up 0.28 percent or 11.28 points to 4,053.33.

“Basically, the story of the market is that there are no factors to move the market significantly,” Jose Mari B. Lacson, head of research at stock brokerage Campos, Lanuza & Co., said in a phone interview.

Investors also already factored in expectations that the US Federal Reserve will maintain its easy monetary policy.

Wall Street closed lower amid US Fed’s decision to retain its stimulus program, which has been jacking up liquidity in the financial markets, until the economy is strong enough.

The Dow Jones industrial average shed 0.1 percent or 21.05 points to 15,499.54, while the broader Standard & Poor’s 500 index fell 0.01 percent or 0.23 point to 1,685.73.

Asian stocks were more decisive on following reports that the growth in China’s manufacturing sector gained more traction last month.

Japan’s Nikkei 225 rallied 2.47 percent or 337.45 points to 14,005.77, while Hong Kong’s Hang Seng index added 205.13 points to 22,088.79.

Locally, all counters were in the green, save for property firms that eased 0.24 percent or 6.15 points to 2,574.54. Gainers were led by mining and oil that recovered 0.63 percent or 91.22 points to 14,677.68.