Local stuck buck Asian retreat
BY KRISTA ANGELA M. MONTEALEGRE
PHILIPPINE share prices on Thursday overcame bearish global markets, rising for the second consecutive day as investors picked up power, telecom and mining issues.
At the Philippine Stock Exchange, the composite index rose 38.52 points, or 0.90 percent to 4,324.98, while the broader all-shares gained 23.77 points, or 0.79 percent to 3,025.26.
Market breadth was negative as decliners beat advancers, 71 to 63, while 40 issues were unchanged. A total of 3.57 billion stocks worth P4.82 billion changed hands.
โShare prices tumbled in the early goings, dragged by the Dowโs biggest drop since February,โ said Jun Calaycay of Accord Capital Equities Corp.
โA sharp rally by power, telco and mining shares pulled a welcome surprise, restoring the index into positive territory, defying trends across the Asia Pacific region,โ Calaycay added.
Only the property and services sector managed to close lower, losing 0.85 percent and 0.61 percent, respectively.
Weak jobs and manufacturing data caused a bloodbath in Wall Street with the Dow Jones Industrial Average plummeting 279.14 points, or 2.22 percent to 12,290.65.
The Philippine market is looking to book its first weekly gain after two straight weeks of marginal declines with momentum seen to carry local equities further to test resistance at the 4,350 to 4,370 range.
Support remains at 4,220.
โWe have witnessed the resiliency of local equities, a proof that everything remains healthy at home. Risks are principally presented by external events, and even from this perspective, things are beginning to look up,โ Calaycay said.
The peso however joined the drop in other Asian currencies on Thursday amid more signs the US economy is slowing down, coupled with political uncertainty in Japan, which sent investors to leap out of emerging market assets.
At the Philippine Dealing System, the dollar-peso pair shed 13.5 centavos to close at P43.27 against the US dollar from P43.135 the previous trading day.
The exchange rate opened at P43.20:$1 and moved to a high of P43.27 to a low of P43.16.
Total trading volume slowed to $768.85 million from Wednesdayโs $995.94 million.
The currency pair is expected to trade within a range of 43.15 to 43.45 for the rest of the week.
With report from Lailany P. Gomez
Source: http://www.manilatimes.net/business/local-stocks-buck-asian-retreat/
Poor Philippines Records in Law and Order drove city dwellers to enjoy holidays in havens like Clark Freeport.
Metro Manila has lost a great deal of its luster of old not only because of its failure to keep up with the times in development but also its reputation as a safe destination for family bonding, travelers looking to unwind and relax in a beach or a lake and retirees looking for a life of leisure.
Clark Pampanga was the largest foreign US airbase, complete with its own international airport with daily flights linking it to major cities around Asia. Inside of Clark Philippines are golf courses, casinos, family-styled resorts that smacks of the US suburban lifestyles and fine-dining restaurants.
This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon.
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