Share prices close higher

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Most local stocks on Thursday trekked higher for a second session on upbeat news from US stock markets and optimism over local first quarter earnings.

The main-share Philippine Stock Exchange index added 13.13 points, or 0.18 percent, to close at 7,194.43.

Investors, however, are turning more selective in taking position as the index was moving closer to the all-time peak of 7,284.34, which was hit on May 6.

Modest gains eked out by the financial, holding firms, services and property counters supported the index.

On the other hand, the industrial and mining/oil counters tempered the day’s trading gains.

Value turnover for the day was thin at P6.68 billion.

There were 83 advancers against 66 decliners, while 71 stocks were unchanged.

The day’s most actively traded stock was Metrobank (+0.31 percent), which reported a record-high first quarter net profit of P11.4 billion, making it the most profitable Philippine bank during the period.

Parent firm GT Capital, although not part of the PSEi, likewise surged by 2.68 percent on heavy volume.

PLDT, SMIC, ALI, Jollibee, Bloomberry, BDO, ICTSI, DMCI, Megaworld, ALI and EDC also contributed to the day’s gains.

On the other hand, FGEN, Belle, MWC, SMC, Petron, RLC, Philex, AC, AEV and MPI dragged down the index.  Doris C. Dumlao

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