PH stock index climbs back on reports of improved US economic data
MANILA, Philippines—Local stocks regained ground on Wednesday after a two-day decline as improved US economic data boosted regional markets.
The main-share Philippine Stock Exchange index added 63.93 points or 0.94 percent to close at 6,850.26.
All counters firmed up while 111 advancers overwhelmed 51 decliners.
Value turnover swelled to P49.047 billion as tycoon Lucio Tan-led conglomerate LTG Inc. raised $920 million from a landmark equity offering that was priced at the high end of the range at P20.50 per share.
The day’s biggest index gainers were Belle (+7.26 percent), Meralco (+4.64 percent), MPI (+3.19 percent), AGI (+2.26 percent) and BDO (+2.03 percent).
Metrobank, Bloomberry, Megaworld, AP and ICTSI also contributed to the day’s gains.
Outside of PSEi, LTG shares surged by 11.11 percent to a close at new high P23 after a landmark follow-on offering.
On the other hand, the day’s index laggers were RLC (-1.96 percent), FGEN (-0.63 percent), ALI (-0.33 percent) and Petron (-0.26 percent).
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