The Philippine Stock Exchange Index (PCOMP) rose 0.5 percent to 4,669.44. The measure is bound for a 6.8 percent gain in January, the sharpest monthly advance since October.
First Gen Corp. (FGEN) , owner of the Philippines’ largest geothermal company, climbed 3.1 percent to 13.40 pesos, rebounding from the steepest loss in almost three years that sent the stock yesterday to the lowest in more than four months.
The shares’ 14-day relative strength index sank to 25 yesterday, the lowest since September 2008, below the 30-level that some traders use as a signal to buy.
SM Prime Holdings Inc. (SMPH) , the nation’s largest shopping mall operator, advanced 5.9 percent to 16.20 pesos, bound for a record close. CitisecOnline.com analyst Richard Laneda reiterated a “buy” rating on shares of the shopping- mall developer, with a 20-peso price target.
To contact the reporter on this story: Ian Sayson in Manila at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org