Mining, oil shares continue to shine in local bourse

MANILA, Philippines—The local stock market firmed up for a third straight session on Friday as the favorable US jobs report that cheered up Wall Street likewise boosted domestic investor sentiment.

The main-share Philippine Stock Exchange index added 10.71 points or 0.25 percent to finish at 4,321.73.

The mining/oil counter continued to be the day’s best performer as its index jumped by another 2.6 percent. The financial, property and holding firm counter also ended in positive territory, offsetting sluggish trading on the industrial and services counters.

This developed as US stock prices swung back to positive territory overnight. The closely watched Dow Jones Industrial Index was up by 423.37 points or 3.95 percent to 11,143.31 on news that the number of Americans applying for unemployment benefits had fallen below 400,000 for the first time since April.

Turnover amounted to P5.67 billion. There were 107 advancers against 37 decliners while 38 stocks were unchanged.

Lepanto “A” (open to local investors), Metrobank, AGI, Lepanto “B” (open to local and foreign investors), SM Investments, ICTSI, BPI, Security Bank and Aboitiz Power led the index higher. Other stocks that gained in heavy trade were Manila Mining, Zeus Holdings, NiHao Mining, Atlas, San Miguel Corp. and Vista Land.

The PSEi’s gains were tempered by the decline in the share prices of PLDT, EDC, DMCI and Megaworld.