After a four-day slump last week coming down from the QE3 rally, the PSEi showed strength during today’s trading session as it climbed steadily through the course of the day. The index rose 33.54 points, or +0.63%, erasing last week’s losses to close at 5,325.60.
The largest gains came from the property sector (+1.60%) as investors remain confident on issues such as ALI (+2.08%). Financials (+0.85%) and holding firms (+0.64%), also performed well as heavyweights BDO (+3.37%) and AEV (+2.08) were bought up. Industrials and mining & oil likewise ended in positive territory inching up 0.22% and 0.10% respectively while services bucked the trend closing relatively flat at -0.06%.
Market breadth was relatively positive with advances slightly overtaking declines 79 to 68 and 41 issues unchanged. Total value turnover thinned to Php4.22 billion.
The Philippines is targeting to export at least 200,000 metric tons (MT) of corn next year in order to take advantage of high world prices amid a projected surplus.
Agriculture Assistant Secretary Edilberto M. De Luna said exports could actually start before the year-end given a pending Philippine Maize Federation, Inc. (PhilMaize) request. However, the NFA must first certify that there is a surplus before producers can be allowed to export as the crop is a major staple.
Mr. De Luna explained that there is strong production as the Philippine Coconut Authority allowed the intercropping of corn in some 150,000 hectares of coconut plantations, boosting production that could possibly allow exports earlier.