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MANILA - Philippine stocks once again displayed resiliency, rising a third straight session despite a slump in global markets.
At the Philippine Stock Exchange, the composite index rose 26.64 points or 0.52 percent to close at 5,193.84.
Leading the market's rally was the services counter, which gained 1.49 percent.
Market breadth was negative though as losers outnumbered gainers, 80 to 76, while 42 stocks were unchanged. A total of 1.44 billion stocks worth P4.83 billion changed hands.
Actively traded stocks were PLDT, Alliance Global, Bloomberry, Ayala Corp. and Metrobank.
Top advancers were MJC Investments, Manila Jockey and F&J Prince Holdings, while the biggest losers were Global Port 900, Easycall and Synergy Grid.
"The approaching end of the second quarter raises anticipation on window-dressing, boosting near-term trades," said Jun Calaycay of Accord Capital Equities Corp.
"The overriding optimism is based on a promising prognosis for the economy based on the stronger-than-expected first quarter results," said Calaycay.
Asian markets were mostly lower while the Dow Jones Industrial Average fell 138 points or 1.1 percent to 12,502.66 ahead of a summit of European leaders this week and with Spain seeking aid from the European Union to bail out its banks.
Cautious trading remains the principal stance ahead of the summit with investors doubtful it will yield any major results.
"Markets are waiting for more substantive results other than the often-heard communiqué vowing necessary assistance to troubled members. Moody’s latest downgrades of 28 Spanish banks added to risks and thus negative sentiment," said Calaycay.
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