Stocks end higher

THE LOCAL stock market firmed up Monday as investors took comfort in signs of an industrial pick-up in China.

The main-share Philippine Stock Exchange index (PSEi) added 44.23 points or 0.61 percent to close at 7,291.43. The local bourse tracked firmer markets in Shanghai and Hong Kong while other regional exchanges slipped.

China reported the first monthly growth in factory prices, deemed as a sign of an improving economy. The data also perked up the yuan for a third day.

At the local market, all counters advanced, led by the services, mining/oil and property counters, which all gained more than 1 percent.

There were nearly twice as many advancers (123) as there were decliners (69) while 43 stocks were unchanged. Value turnover for the day amounted to P5.5 billion.

SM Prime and First Gen led the PSEi higher, both gaining more than 2 percent. GT Capital, JG Summit, Globe and PLDT all advanced by more than 1 percent. Ayala Land, BDO and Jollibee also firmed up.

Notable gainers outside the PSEi included Vitarich (+44.58 percent), which sizzled in heavy volume, while Security Bank (+3.96 percent) and RRHI (+1.69 percent) also surged. Doris Dumlao-Abadilla