Philippine stocks keep gaining on semester-end window dressing
MANILA, Philippines — Local stocks continued to gain ground on Tuesday, despite lingering global uncertainties, aided by quarter-end and semester-end window-dressing.
The main-share Philippine Stock Exchange index gained 26.64 points or 0.52 percent to close at 5,193.84, rising for the third straight session.
The day’s upswing was still led by index heavyweight PLDT, which rose by another 1.91 percent to close at P2,674 a share.
Investors also picked up shares of index stocks DMCI (+1.91 percent), Ayala (+0.43 percent), Aboitiz Power (+0.45 percent), Philex (0.21 percent), AEV (+0.43 percent), Globe (+0.96 percent) and Cebu Air (+0.96 percent).
An outperformer for the day was Philex’ gas exploration arm Philex Petroleum, which surged 6 percent on news that President Benigno Aquino III would likely clear businessman Manuel V. Pangilinan’s exploration venture with China.
But the index gains were tempered by the decline of Metrobank, Ayala Land, Megaworld, BPI, First Gen and ICTSI. Bloomberry, Security Bank and First Holdings also ended in the red.
Local stocks managed to defy a sluggish sentiment across the region.
