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MANILA, Philippines—Local stocks gained modestly on Thursday as selective buying kept the main index afloat amid lackluster regional markets.
The main-share Philippine Stock Exchange index added 7.22 points or 0.11 percent to close at 6,857.48, firming up for the second session. Tycoon Andrew Tan-led AGI (+5.96 percent) and Megaworld (+4.33 percent) led the index higher.
Dealers said the AGI and Megaworld were boosted by talks that the group might embark on an international roadshow. Some said investors might likewise be picking up these stocks because they were relatively undervalued at 9 to 10 times prospective earnings.
Trading was mixed across counters, with the industrial, holding firm and property sub-indices supporting the market and making up for the slack in financials, services and mining/oil counters.
Value turnover amounted to P11.35 billion. There were 83 advancers that edged out 73 decliners while 49 stocks were unchanged.
Across the region, stock markets were mostly lower on global growth concerns that likewise weighed down commodity prices.
Aside from index outperformers AGI and Megaworld while ICTSI, Globe Telecom, Semirara, AEV, SM Prime, ALI, EDC and URC contributed to the PSEi’s gains.
On the other hand, the day’s index gains were curbed by the decline in Belle, Bloomberry, Philex, Meralco, Metrobank, SMC, JGS, MWC, BDO and MPI.