Stocks end losing streak
The Philippine Stock Exchange Index (PSEi) rose 0.72 percent to 7,327.58 Tuesday as bargain hunters prevailed after three straight sessions of closing in the red.
The broader all-shares index also added 0.38 percent to 4,506.74, data from the PSE showed. Subsectors ended mixed, with property companies driving gains at 1.94 percent. Only services and mining and oil closed in the red.
Analysts also pointed to the release of the Securities and Exchange Commission of its final guidelines on how the 40-percent foreign ownership cap should be computed. The corporate regulator did away with a contentious provision requiring companies to apply the definition on each class of shares.
A total of 1.28 billion shares changed hands Tuesday valued at P9.72 billion. Still, decliners outnumbered advancers, 100-70. There were 49 other issues that closed unchanged.
Leading the list of most actively traded stocks was Ayala Land Inc., which gained 2.75 percent to P35.5. Index heavyweight PLDT closed down 0.38 percent to P3,168. GT Capital Holdings Inc., the investment holding company of George S.K. Ty, also lost 0.7 percent to P850. Miguel R. Camus
