Phl stocks snap 2-day losing streak

MANILA, Philippines - The Philippine benchmark stock index climbed above the 7,700 mark yesterday, boosted by the monetary board’s expected decision on policy rates and upcoming fourth quarter corporate earnings results.

The Philippine Stock Exchange index (PSEi) gained 0.37 percent or 28.16 points, to snap a two-day losing streak at 7,714.59, while the broader All Shares index jumped 0.23 percent or 10.13 points to finish at 4,477.14.

“Absent major leads from external sources, investors’ optimism shone in the local market,” said Justino Calaycay Jr., analyst at Accord Capital Equities Corp.

“A flat end to trades in the US overnight and a marginal drop its European counterparts earlier, left market denizens focusing on individual issues ahead of fourth quarter earnings numbers,” Calaycay added.

Asian stocks were mostly lower on Thursday as concerns on Greece’s debt crisis continue to make its presence felt in some markets. In Wall Street, the Dow fell by a hairline while the S&P 500 ended flat.

Locally, the anticipation in the local central bank’s policy decision on interest rates influenced Thursday’s positive sentiment, according to F. Yap Securities investment analyst Jason Escartin.

Services firms led the gainers after picking up 0.89 percent or 19.42 points.

Market breadth finished in the positive territory as advancers floored decliners, 91 to 84, while 49 stocks were unchanged. Turnover value was flat at P9.1 billion from the previous day’s P9.55 billion.