PH stocks close higher on bargain-hunting

MANILA, Philippines–Bargain hunters on Thursday stepped in to arrest three straight days of decline, helping the benchmark Philippine Stock Exchange index close higher.

The PSEi rose 0.53 percent, or 41.74 points, to 7,948.20. The broader all-shares index was also up 0.3 percent to 4,534.32.

All subsectors closed in the green, save for mining and oil, which was down 0.10 percent. Subsectors that gained were industrial companies, up 1.15 percent, and property, up 0.97 percent.

Total volume on Thursday was lower than average, with 691.48 million shares valued at P7.23 billion changing hands. There were 82 gainers against 93 that ended in the red, while another 50 companies closed unchanged.

Philippine Long Distance Telephone Co. led the list of most actively traded stocks on Thursday, as it closed unchanged at P2,900 a share.–Miguel R. Camus