Local stock prices rebound

MANILA, Philippines—Local stock prices rebounded on Thursday, bringing the main index back to the 4,500 level, as investors refocused on a favorable stream of second-quarter local earnings results and likewise took heart from an overnight rebound on Wall Street.

The main-share Philippine Stock Exchange index recouped 13.08 points or 0.29 percent to finish at 4,501.53.

The mining/oil counter led the day’s upswing, rising by 2.8 percent.  The financial counter was also up by 1.77 percent while the services counter firmed up by a marginal 0.19 percent.

On the other hand, the industrial, holding firms and property counters continued to trade in the red.

Turnover at the local bourse amounted to P5.97 billion.  There were 88 advancers against 64 decliners while 29 stocks were unchanged.

Lepanto “A” (open to local investors) continued to sizzle. Its B shares (open to both local and foreign investors) were also up in active trade ahead of the expected release of a favorable geological report on the company’s Far Southeast mine in Mankayan, Benguet.

PLDT, Metrobank, Philex, AGI, BDO and BPI also contributed to the index rebound.  Meanwhile, Zeus, Manila Mining “A,” ORE, RCBC, Atlas, PNB and San Miguel also gained in heavy trade.

Overnight, the Dow Jones Industrial Index firmed up by 29.82 points or 0.25 percent to 11,896.44, slightly recovering from the previous day’s bloodbath that was in turn caused by continuing concerns over the US economy.