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Sunday, May 4, 2014

PH stock market gains a third day ahead of key US jobs report

Philippine share prices on Friday rolled to their third straight day of gains, ignoring Wall Street's rut ahead of the release of the key US monthly jobs report.

At the Philippine Stock Exchange, the benchmark index rose 35.06 points, or 0.52 percent, to finish at 6,742.97. Today's advance extended the local barometer's weekly gain to 0.87 percent.

All counters finished in the green with the mining and oil index leading the charge with a gain of 2.27 percent.

Advancers led decliners, 112 to 64, while 37 issues were unchanged. Value turnover weakened to P6.54 billion from P10.31 billion last Wednesday, as 1.64 billion shares changed hands.

Most actively traded stocks were SM Prime, BDO, Alliance Global, SM Investments and Ayala Land. Top gainers were Dizon Copper, Globalport 900 and Manila Mining, while the biggest losers were ATN Holdings, Millennium Global and First Gen.

Overnight, US stocks barely moved as data showed the number of Americans applying for jobless benefits unexpectedly rose to a nine-week high before the government's monthly labor report.

Consumer spending surged in March by the most in almost five years, while the Institute for Supply Management's factory index improved to 54.9 in April from 53.7 in the prior month. Readings above 50 indicate an expansion.

The S&P 500 index dipped less than a point to 1,883.68, while the Dow Jones Industrial Average shed 21.97 points to 16,558.87.

The Federal Reserve cut its monthly asset purchases by another $10 billion to $45 billion as the world's largest economy showed signs of recovery from a weather-induced weakness in the first quarter.
- Interaksyon

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