Stocks end higher
Local stocks firmed up Monday as investors took their cue from mostly buoyant regional markets.
The main-share Philippine Stock Exchange index gained 39.58 points or 0.62 percent to close at 6,443.81. Elsewhere in the region, stock markets were mostly up, led by China, which benefited from bargain-hunting after last week’s favorable factory and bank lending data.
At the local market, the day’s upswing was led by the property counter (+1.66 percent).
Value turnover amounted to P68.95 billion, which was bloated by a P64-billion cross sale of shares of SM Prime, SM Development Corp. and Highlands Prime in relation to an ongoing consolidation of the SM property units.
There were 80 advancers, which outnumbered 69 decliners, while 38 stocks were unchanged.
The day’s biggest index gainer was AEV (+3.19 percent), followed by ICTSI, MPI, AP, SM Prime and ALI, which all gained more than 2 percent. DMCI, BPI, Philex and Globe Telecom also gained more than 1 percent.
The day’s biggest decliner was Petron, whose shares fell 4.06 percent in the aftermath of an oil spill in Cavite during the weekend.
Among non-index stocks, Security Bank shares fell 4.16 percent as the bank reported a 66-percent decline in first semester net profit to P1.7 billion compared to the level in the same period last year when earnings were boosted by large trading gains. 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