RP stocks firm up on post-election optimism

MANILA, Philippines – A late-session bargain-hunting still driven by post-Philippine election optimism allowed local stocks to eke out modest gains on Wednesday even as a global euphoria over recent eurozone anti-contagion initiatives fizzled out.

The main-share Philippine Stock Exchange composite index gained 6.48 points or 0.2 percent to close at 3,269.41.

A surge in the property counter as well as a resilient trading on holding firms and mining/oil indices allowed the PSEi to firm up, offsetting the weakness in the financial, industrial and services counters.

Despite the slight index gain, decliners beat advancers 54:48 while 59 stocks were unchanged.

Posted 13:34:00 05/12/2010
By Doris Dumlao
Philippine Daily Inquirer