MANILA, May 11 (PNA) — Share prices on the Philippine Stock Exchange (PSE) snapped a three-day decline on slight gains from Wall Street overnight.
The benchmark PSE index rose 14.69 points to 7,777.90 from previous day’s 7,763.21 close.
Brokerage firm 2TradeAsia.com said the Wall Street’s incline inspired repositioning especially on improving economic data.
United States (US) stocks closed sharply higher on Friday as investors cheered a jobs report that showed economic growth. The Dow Jones Industrial Average (DJIA) surged 267 points while Nasdaq Composite increased 58 points.
”Part of the support came from positive comments on the country’s fundamentals, being an ideal investment destination,” it said.
Counters were mixed, with the market led by financials, services and property sectors.
The sub-indices of other sectors declined slightly.
Value turnover reached Php5.73 billion with 1.23 billion shares changing hands.
Market breadth was negative with decliners outpacing advancers, 96 to 85, while 43 issues were unchanged.
The day’s top active stocks were led by Universal Robina Corp., BDO Unibank Inc., Alliance Global Group Inc., Metropolitan Bank & Trust Company and Philippine Long Distance Telephone Company. (PNA)