Share prices buck regional downtrend

MANILA, Philippines -  Local stocks staged a late afternoon rally Friday as investors turned a weak start into a positive finish.

After closing the morning session with a 20-point loss, the benchmark Philippine Stock Exchange index clawed its way back to end 0.16 percent, or 12.18 points, higher at 7,247. 12.

The broader All Shares index, which was also in the red by midday, eked out a 0.16 percent or 6.99-point gain to settle at 4,385.86.

Luis Limlingan, managing director at Regina Capital Development Corp., said the local stock market was able to buck a regional downtrend.

“Philippine markets finished slightly ahead of US stocks as profit-taking in financial stocks soured sentiments. A weak start on negative leads turned to bargain hunting, despite the higher probability of a March rate hike by Fed which saw some heavyweights banks supporting the market,” he said.

Limlingan said US stocks in general closed broadly lower in the wake of Wednesday’s all-time record highs. Crude prices sliding to near three week lows added to the negative tone, he said.

In the local shores, counters were mostly positive except for industrial and mining and oil which declined 0.10 percent and 0.43 percent, respectively.

Property, meanwhile, was yesterday’s biggest gainer with a 0.21 percent jump.

Value turnover was thin at P5.47 billion. Market breadth was negative as decliners beat advancers, 92 to 81, while 61 stocks were unchanged.