Philippine bourse posts gain despite lack of fresh leads

The Philippine stock market started the week with a gain of 13.26 points on Tuesday despite the lack of fresh leads that will whet the appetite of investors.
The bellwether Philippine Stock Exchange index gained 0.19 percent to 7,146.35, while the broader all-share index rose by 0. 09 percent, or 3.87 points, to 4,221.42.
Trading volume reached 1.48 billion shares worth 10.26 billion pesos (234.32 million U.S. dollars) with 93 stocks declining, 76 advancing, and 49 were unchanged.
"Absent new leads except on the performance of markets overseas to guide trades, investors' appetite for equities waned," analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.
The performance of the local equities, Calaycay said, also reflects investors' expectations of the economy's second quarter performance.
He said he expects the country's gross domestic product growth in the April to June period to be better than the first quarter.
"The composite index's ability to hold above the 7,100 level augurs well for sentiments moving forward," Calaycay said.
Stocks in the 30-company index closed mixed. Among those sold down were Ayala Corp., Globe Telecom, Inc., and BDO Unibank, Inc.