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InterAksyon.com
The online news portal of TV5
MANILA, Philippines – The local stock market retraced its upward trek on Wednesday after Wall Street surpassed the 13,000-mark for the first time since the global financial crisis struck in 2008.
The Philippine Stock Exchange index (PSEi) gained 33.35 points or 0.68 percent to 4,934.29, within striking distance of the record high of 4,943.84 struck last Monday.
Gainers outpaced losers, 108 to 64, while 37 stocks were unchanged. Trading value reached P9.12 billion as 19.50 billion shares changed hands.
"Stocks rode on the previous session’s momentum, with confidence propped higher by the Dow’s breach of the 13,000-line overnight," said Jun Calaycay of Accord Capital Equities Corp.
"Investor sentiment usually glides with Wall Street’s movement and the breach of 13,000 showed signs of continued momentum in equities markets,” said Freya Natividad, investment analyst at 2TradeAsia.com.
Overnight, the Dow Jones Industrial Average surged past 13,000, but finished lower at 12,965.69.
"These conditions do not change on a daily basis, and the balancing of the importance of each, from the purview of individual perspectives, will keep the market swinging to and from optimism to pessimism," Calaycay said, referring to overseas and domestic economic developments.
“Sustaining the new-found optimism will get support as more firms release their 2011 numbers, which in turn gives hints on possible first quarter 2012 results,” he added.
Analysts pegged resistance at the 4,950 to 4,970 range and support at the 4,890 to 4,920 band.
PSEi unchanged by March 12
The PSE said it would hold on to the existing index composition after completing a review for the full year.
"The rules we have adopted last year pertaining to the management of the index provide firmer support for stability and predictability in the index. The rally of the index shows that this composition indeed represents the positive investor sentiment in the market," said Hans Sicat, PSE president and chief executive officer.
Under bourse rules, a company can join the 30-company PSEi if it assumes the 25th place in terms of market capitalization. The candidate firm’s free float should also be at least 12 percent, its stock should be among the top 25 percent in terms of median daily value turnover per month for at least nine months, and its stock must rank among the top 50 percent in terms of median daily trade per month in eight out of the 12 months.
