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Monday, July 21, 2014

PH stock market takes cue from equities rebound overseas

Local share prices edged higher on Monday as overseas markets recovered from last week's selloff resulting from the downing of a Malaysian passenger plane in Ukraine and escalating tension in the Middle East.

At the Philippine Stock Exchange, the benchmark index rose 21.81 points, or 0.32 percent, to finish at 6,874.88. The mining and oil counter jumped 1.03 percent to drive the stock market higher.

Advancers beat decliners, 90 to 85, while 47 issues were unchanged. Value turnover inched up to P5.44 billion from P5.27 billion last Friday, as 1.08 billion shares changed hands.

Most actively traded stocks were PLDT, Alliance Global, Philex Mining, BDO and SM Investments. Top gainers were Medco Holdings, I-Remit and Cebu Property Venture, while the biggest losers were Berjaya, Grand Plaza Hotel and Greenergy.

"Continued market buoyancy may be provided tracking rebounds of foreign markets following declines caused by world events," said DA Market Securities.

The brokerage however warned that the conflict between the US and Russia following the crash of a Malaysian Airlines jet and Israel's military offensive in the Gaza strip continue to cast a dark cloud over equities.

“Any hopes that the market will ride the Dow’s rising tide last Friday was tempered as investors still appeared unwilling to make commitments to equities,” said Jun Calaycay of Accord Capital Equities Corp.

Asian markets were buoyed by last Friday’s rebound in US stocks as corporate earnings led by Google overshadowed geopolitical concerns. The Dow Jones Industrial Average rallied 123.37 or 0.73 percent to 17,100.18, while the Standard & Poor's 500 Index jumped 20 .10 points or 1.03 percent to 1,978.22

“The market waits for a spark that is not seen to come until the bulk of earnings are released. This will be next month,” Calaycay said.

- Interaksyon

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