PHL share prices up on Chinese data, FTSE realignment

Philippine share prices rose Monday, helped by positive Chinese manufacturing data and a rebalancing in the FTSE/ASEAN Index that encourage buying sentiment in select blue chips.
 

The benchmark PSEi gained 53.49 points or 0.83 percent to 6,477.94 at the close. The broader all-shares index increased by 12.64 points or 0.33 percent to 3,882.94.

 

Juan Rafael Supangco, head of research at Angping & Associates Securities Inc. said only a few stocks carried the index, helped by better-than-expected estimates of the Purchasing Managers' Index (PMI) for China.

 

Reuters reported that most Asian markets crept higher on Monday after a closely-watched measure of Chinese manufacturing hit its highest in six months and showed a promising pick up in export orders, another sign of stabilization in the world's second biggest economy.

 

"The market was quite ripe for profit-taking... Due to the rebalancing of FTSE last Friday, those rebalanced have normalized their prices," Supangco said.

 

In a separate phone interview, Wealth Securities Inc. analyst Miguel Agarao said the index is "quite strong today after the FTSE rebalancing... after investors sold down some stocks last Friday."

 

Among those with heavier weighted average as an offshoot of having been included in the FTSE Asian Sector Index Series Semi-Annual Review, which took effect Monday, were International Container Terminal Services Inc., Bloomberry Resorts Corp. and Manila Electric Co.

 

The FTSE/ASEAN Index is a benchmark indication of the financial performance of the large and mid- cap companies from Southeast Asia: Indonesia, Philippines, Singapore, Malaysia and Thailand.

 

Nearly 664.87 million shares valued at P7.33 billion were traded. Decliners – however – overshadowed advancers 82 to 65 while 37 issues were unchanged. – VS, GMA News