Share prices jump 52.17 pts; blue chips key rally
Davao City (17 January) -- Share prices rose recently, led by geothermal power firm PNOC-Energy Development Corp, as fund managers repositioned to buy up blue chip issues.
The Philippine Stock Exchange index (PSEi) closed higher by 52.17 points or 1.77 percent, slightly missing the 3,000-level at 2,992.33.
"The gains were driven by blue chips which are heavy on the index… There has been a realignment of funds," Abacus Securities Corp. trader Jet Lazaro said.
PNOC-EDC, the day's most active stock, jumped P0.25 or 5.38 percent to P4.90.
The broader all shares index rose 28.59 or 1.55 percent to 1,868.93. All sub-sectors except mining and oil closed in the green.
Gainers beat losers 61 against 34 while 71 issues were unchanged.
Turnover was at P3.4 billion valued at P3.52 billion.
Lazaro said next week would be bright for the market, which could possibly retest the 3,000-level it breached earlier in the month.
"I'm still positive on the market. We'll see some uptrend next week," Lazaro said. (PIA XI) [top]