Philippine stocks snap losing streak

pse.com.ph photo

MANILA, Philippines—The Philippine Stock Exchange index on Thursday trekked higher following gains posted by Wall Street due to robust corporate earnings and positive economic developments.

The PSEi ended Thursday’s session at 6,117.27, representing a gain of 24.74 points, or 0.41 percent. With this, the PSEi snapped a two-day losing streak where investors pocketed gains from the recent string of record-high performances.

Advancers edged out decliners, 77 to 74, while 51 stocks remained unchanged.

Trading volume was moderate with P5.9 billion worth of shares changing hands over the course of 22,032 transactions throughout the day.

Most sectoral indices advanced, led by the property sector whose shares rose by an average of 0.97 percent. But stocks of holding firms and mining and oil firms retreated.

Index heavyweight PLDT saw its stock price advance by P6 to P2,792 apiece.

Other main index movers included Ayala Corp., which rose 2.26 percent to end at P542 a share, and SM Prime Holdings, which rose 1.76 percent to close at P17.36.

Other stocks that rose Thursday were Robinsons Land Corp., Alliance Global, Bank of the Philippine Islands, Metro Pacific Investments Corp., Jollibee Foods Corp. and Ayala Land Inc.

Market laggards included Aboitiz Equity Ventures, JG Summit holdings and Philex Mining Co.