Local stocks rise, ignore Wall St decline

By Maiki Oreta, ABS-CBN News

Posted at Aug 31 2010 01:20 PM | Updated as of Aug 31 2010 09:23 PM

MANILA, Philippines - Local stocks rose on Tuesday, shrugging off weakness in Wall Street and Asian bourses, due to month-end window-dressing.

At the close of trading, the key Philippine Stock Exchange index rose 0.2% to 3,566.

Of the subindices, only the property and services sectors ended in red. The mining and oil sector was up the most, outperforming the main index with its 2% gain.

Market breadth was positive as advancers beat decliners, 70 to 60. There were 33 issues unchanged.

A total of 755 million shares worth P3.55 billion were traded.

Philippine Long Distance Telephone Co. (PLDT), DMCI Holdings, and Banco de Oro Unibank Inc. (BDO) were the top traded stocks by value.

PLDT lost a quarter of a percent to P2,442 while DMCI ended flat at P21.35.

BDO lost 0.3% to P51.95.

At the foreign exchange market, the peso fell slightly against the dollar from its previous close of 45.20.