Roundup: Philippine stocks move up after 3-day decline

The Philippine market closed in green territory on Thursday after a three-day drop although it failed to sustain its strong opening performance due to profit- taking.

The bellwether Philippine Stock Exchange index went up 0.12 percent or 3.36 points to end at 2,771.97, while the all share index gained 0.46 percent or 8.31 points to finish at 1,787.09.

Trading remains moderate with some 3.55 billion shares valued at 2.97 billion pesos (62.18 million U.S. dollars) changed hands. Foreign investors continue to be net sellers with 240 million pesos (5.02 million U.S. dollars).

Three of the six subindices slipped. The service sector went down by 0.82 percent or 11.40 points to close at 1,376.19 following the continued decline of heavyweight Philippine Long Distance Telephone Co. (PLDT). Likewise, property and mining and oil stocks also fell.

Holding firms meanwhile went up 1.56 percent or 24.42 points to end at 1,586.72 along with financial stocks and industrial companies.

Gainers led losers by 53 to 46 while 61 shares ended flat.

"The Philippine market got its support from the U.S. markets' overnight advance although the selling pressure still exists," Nikka Maloles of local online brokerage 2TradeAsia.com said.

The analyst added the wrestle between the bargain hunters and the profit takers is likely to continue since the market has already been overbought.

"It is really hard to say how the market will move since the selling pressure has not yet subside. Investors are still booking their gains and the local market remains vulnerable as shown by the tight market breadth and the number of foreign sellers," he said.

The selling pressure was evident on Thursday when the Philippine market touched the high of 2,809.67 during its intra- day trading only to shed majority of its value before session closes.

Stocks in the 30-company index likewise closed mixed.

Philippines' largest dominant phone firm PLDT went down 1.28 percent or 30 pesos (0.62 U.S. dollar) to 2,300 pesos (48.15 U.S. dollars).

The country's third largest property developer Megaworld Corp. meanwhile went up 1.33 percent or two centavos to close at 1.52 pesos (0.03 U.S. dollars) apiece after it was declared the winner of an 8.38-hectare former military lot.

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