Bargain-hunting continues to lift stocks
Most local stocks firmed up for a second straight session Friday, allowing the main index to climb back to 6,500 even as jitters over Cyprus and growth in the eurozone weighed down most markets in the region.
The main-share Philippine Stock Exchange index gained 45.73 points or 0.71 percent to close at 6,518.71 as investors sifted through recently battered equities.
For the week, the index lost 135.95 points or 2 percent, with the losses trimmed in the last two trading days. The index marked a record high at 6,867.10 on March 11 before the recent pullback.
The financial and mining/oil counters led yesterday’s gains while the industrial counter was the only sub-index to remain in the red.
Value turnover for the day amounted to P9.32 billion. There were 89 advancers that edged out 74 decliners while 31 stocks were unchanged.
The main index was led by the gains of DMCI (+5.17 percent), BDO (+4.02 percent), Bloomberry (+3.82 percent), Semirara (+2.84 percent), ICTSI (+2.75 percent) and JG Summit (+2.63 percent). Investors also picked up shares of Metro Pacific Investments, Globe Telecom, Alliance Global Inc. and Robinsons Land.
On the other hand, investors sold down shares of Aboitiz Equity Ventures, Jollibee, SMC, Aboitiz Power, SM Prime, Megaworld, PLDT, Meralco and Universal Robina. Doris C. Dumlao
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94