Index shrugs off weak Wall St

MANILA, Philippines - Share prices firmed up yesterday, shrugging off Wall St.’s lackluster performance, analysts said.

The benchmark Philippine Stock Exchange (PSE) rose 6.74 points, or 0.09 percent, to settle at 7,323.31, while the broader All Shares index gained 1.03 points, or 0.02 percent, to close at 4,405.37.

The sectoral indices, meanwhile, were a mixed bag with the services, financials and the property closing in positive territory. The mining and oil, industrial and the holding firm sectors closed in the red.

Total value turnover reached P7.67 billion. Advancing stocks and decliners both numbered 98 while 46 issues were left unchanged.

Luis Limlingan, managing director at Regina Capital said: “Our local market shrugged off an anemic performance from the US, which struggled for traction before they closed narrowly mixed in a marginally more defensive tone.”

He said the Dow Jones Industrial Average declined 8.76 points to 20,905.86 while the S&P 500 slipped 4.78 points, or 0.2 percent, to 2,373.47

Furthermore, Limlingan said the market is also digesting the news from different central banking interviews.

“German central bank president Jens Weidmann said the European Central Bank should slowly start to retreat from its easy-money policies. Weidmann said the ECB should alter its guidance by removing a promise to boost stimulus if the economic outlook deteriorates.