Philippine stocks up due to mining

MANILA, Philippines—Local stocks firmed up on Monday, keeping the main index afloat 4,300 on the back of a continuing play on mining.

The main-share Philippine Stock Exchange index crept up for the fourth consecutive session, adding 10.90 points, or 0.25 percent, to finish at 4,332.63.

The mining/oil counter continued to aid the index, rising by 1 percent while the industrial, holding-firm and services counters also ended in a slightly positive territory.

The financial and property counters were down on concerns that the turmoil in developed markets abroad might gnaw at Asian economic growth.

Value turnover amounted to P4.99 billion. There were 83 advancers, which outnumbered 55 decliners, while 44 stocks were unchanged.

Lepanto “A” (open only to local investors) led the PSEi’s upswing alongside BPI, Lepanto “B” (open to both foreign and local), DMCI, Security Bank and SM Investments. Non-index stocks San Miguel Corp., NiHao, East Asia Power and Zeus Holdings also edged higher in heavy volume.

In general, mining stocks were benefiting from lofty commodity prices as well as merger and acquisition plays.

On the other hand, the PSEi’s gains were tempered by the price decline of BDO, EDC, Megaworld, Philex and Metrobank. There was likewise profit-taking on Manila Mining.

PLDT, Atlas, Semirara and AGI were unchanged.