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Philippine stocks rebound

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MANILA, Philippines—Local stocks regained ground on Thursday, as investors reassessed trading opportunities for 2013, paring down the losses incurred in the last two days of profit-taking.

The main-share Philippine Stock Exchange index added 24.66 points, or 0.41 percent, to close at 6,072.18.  Elsewhere in the region, trading was muted by global growth concerns.

Mining/oil and property led the day’s recovery, respectively rising by 1.88 percent and 1 percent. The services and holding firm counters also modestly increased.

On the other hand, the financial and industrial counter declined.

Value turnover amounted to P7.32 billion. There were 86 advancers versus 77 decliners while 49 stocks were unchanged.

PLDT, ALI, SMIC, AGI, Megaworld, Philex and BDO contributed to the day’s gains.

On the other hand, the laggers were AC, SM Prime, SMDC, DMCI, Metrobank, AP, URC and EDC.


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