Stocks close mixed as players await Fed word on US econ

Philippine stocks closed mixed on Monday as investors awaiting the US Federal Reserve's forecast for the world's largest economy focused on buying select blue chips, analysts said. The 30-company Philippine Stock Exchange index rose 46.33 points or 1.29 percent to 3,645.22. Losers, however, led gainers 56 to 40 while 60 stocks remained unchanged. Emmanuel Soller, EquitiWorld Securities trader, said heavyweights such as PLDT and Metrobank lifted the index. “The movement today was influenced by big stock such as Metrobank, PLDT… The market was due for a rebound," he said. “The Fed is also set to announce this week the forecast for the US’ economic growth for the next two years. All eyes are on that," Soller added. He also said that for the rest of the week, the market is still expected to consolidate with a downside bias, with the index's target at 3,500. Telecommunications giant Philippine Long Distance Telephone Co. jumped P65 or 2.16 percent to P3,080. Holding company SM Investments Corp. climbed P2.50 or 0.70 percent to P357.50. Geothermal power producer PNOC-Energy Development Corp. shed P0.10 or 1.39 percent to P7.10. Metropolitan Bank and Trust Co., the country's largest lender in terms of assets, jumped P1.50 pr 2.80 percent to P55. Developer Ayala Land Inc. was flat at P16. Volume traded reached 2.46 billion valued at P3.53 billion. - Cheryl Arcibal, GMANews.TV