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Wednesday, July 2, 2014

PH stock market advances after positive manufacturing data out of China, U.S.

Philippine share prices advanced on Wednesday, inspired by the overnight gains on Wall Street following positive manufacturing reports in China and the US, but were reigned in by cautiousness ahead of the release of the June inflation data.

At the Philippine Stock Exchange, the benchmark index climbed 23.99 points, or 0.35 percent, to close at 6,850.60. Except for the property sector, the other counters posted modest gains with the financials index leading the way with an increase of 0.74 percent.

Advancers narrowly beat decliners, 95 to 93, while 40 issues were unchanged. Value turnover picked up to P7.03 billion from yesterday's P5 billion, as 3.18 billion shares changed hands.

Most actively traded stocks were PLDT, Ayala Land, Ayala Corp, BDO and Alliance Global. The topt gainers were Apex A, iRipple and Manila Mining A, while the biggest losers were Bogo Medellin, Greenergy and Primex.

"Trading stayed slack throughout the day as investors groped for leads. Optimism crept back cautiously however, keeping the index in the green," said Jun Calaycay of Accord Capital Equities Corp.

“Investors may also be holding back ahead of the June inflation report due out this week,” Calaycay added.

Lending optimism to the local market was the positive performance on Wall Street and regional markets buoyed by favorable manufacturing data from the world's two biggest economies. Chinese manufacturing grew at its fastest pace this year in June, while the US factory index barely changed at 55.3 in June from 55.4 in the prior month.

Overnight, the Dow Jones Industrial came within a few points from the 17,000 level for the first time, rallying 129.47 points, or 0.8 percent, to 16,956.07. The Standard & Poor’s 500 Index climbed 0.7 percent to 1,973.32.

"Absent new leads overnight, we can expect the market to stay on an even keel driven mostly by a balance of both long-term accumulation and short-term liquidity options. Both hinges on the release of inflation data," Calaycay said.

- Interaksyon

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