Stock index extends gains for 3rd straight session

Local stocks on Thursday extended their gains for a third straight session, tracking upbeat global markets.

The main-share Philippines Stock Exchange index added 15.9 points, or 0.23 percent, to close at 6,831.74.

Investors took their cue from the upbeat regional markets which, in turn, were influenced by the overnight gains on Wall Street. The S&P 500 hit a new record high on news of the expected recovery of China, the world’s second largest economy, and Japan’s affirmation of its stimulus plans, apart from expectations of better US corporate earnings.

At the local market, value turnover for the day amounted to P8.07 billion. Advancers outnumbered decliners 102 to 57.

The biggest index gainers for the day were AGI (+3.29 percent) and DMCI (+2.24 percent). This developed as AGI’s property unit, Megaworld (+0.78 percent), completed a $250-million 10-year bond issue at record-low yield.

DMCI, on the other hand, benefited from a dividend play after announcing cash payout of P1.20 per common share plus a special cash dividend of P1 a share for stockholders on record as of April 26. SMC (+1.16 percent) also announced a cash dividend of P0.35 a share to stockholders on record as of April 26.

On the other hand, the PSEi’s rise was tempered by the decline of shares of PLDT, Belle, Globe, BDO, ALI, MPI, ICTSI, Meralco, JFC and AP.  Doris C. Dumlao