Stocks slightly higher, investors await earnings results


Posted at Aug 04 2010 12:23 PM | Updated as of Aug 04 2010 10:00 PM

MANILA, Philippines - Local shares rose slightly on Wednesday, reflecting mixed trading in Asian markets after a slew of dour financial news on Wall Street.

US stocks fell overnight as consumer spending and income figures showed that people remained wary about their money. Also, factory orders in the world's largest economy dropped in June, as did the number of homes that were sold.

At home, a host of earnings reports also failed to spur more aggressive buying, and investors opted to wait for the bigger companies to post quarter profit results.

The main index of the Philippine Stock Exchange edged up 0.5% to 3,503.49.

The broader all-share index rose by 0.4% at 2,221.35.

Gainers matched losers, 61 to 61, while 45 issues closed unchanged.

A total of 902.28 million shares worth P3.2 billion changed hands.

Alliance Global was the most actively traded stock by value, as it advanced 2.8% to P6.26. Its unit, Megaworld Corp., also jumped 3.9% to P1.61.

Meanwhile, Metropolitan Bank and Trust Co. was the second top traded stock by value. It ended lower by 0.3% to P61.30.

Third most active was Jollibee Foods Corp., which closed up 5.3% to an all-time high of P87.45. Analysts said the firm's earnings in the second quarter may top expectations. - Maiki Oreta, ABS-CBN News