By Leslie D. Venzon
MANILA, Nov. 12 (PNA) –- The local stock market advanced on Wednesday for a second straight day of domestic corporate earnings and tracking rally in the United States market.
The barometer Philippine Stock Exchange index (PSEi) increased 28.32 points to 7,232.87 from the previous day’s 7,204.55 close.
”The US recovery gained momentum and we followed suit. The US is important for global, regional environment… There are no drastic changes in the present economic numbers,” Harry Liu, president of Summit Securities Inc., said in an interview.
Liu expects the local bourse going into short- and medium-term consolidation.
He believes that the local share prices could still regain the 7,400-mark, boosted by year-end reports and financial gains as well as prospects for the coming year.
For his part, Banco de Oro Unibank chief strategist Jonathan Ravelas said that earnings reports continue to drive PSEi prices higher.
All counters were in positive territory, except holding firms that declined slightly.
A total of 3.12 billion shares valued at Php 8.12 billion were traded.
Market breadth was negative as decliners dominated advancers, 90 to 85, while 41 issues were unchanged. (PNA)