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MANILA, Philippines — The local stock index closed lower in thin trading on Thursday despite an upswing across most regional markets, erasing early session gains.
The main-share Philippine Stock Exchange index lost 15.86 points or 0.24 percent to end at 6,464.26. The local stock barometer encountered tough resistance at 6,500.
Trading was mixed across counters, with the industrial and holding firms dragging the overall index.
On the other hand, the mining/oil counter was an outperformer for the day, rising by 6.44 percent. This sub-index was led by Philex (+9.9 percent), which was the main stock gainer for the day as the market bet that the mining firm would get an extended permit from the government to operate the Padcal mine.
The financial, services and property sub-indices also eked out modest gains.
Turnover was scant at P5.43 billion.
Despite the overall index decline, there were more advancers (99) than decliners (57), indicating investors’ search for opportunities outside the main-index stocks.
The day’s top index lagger was MWC (-3.45 percent), which is facing a petition filed by consumers opposing pass-on charges.
Globe, SMIC, MPIC, Meralco, SMC, ICTSI, EDC, AC and ALI also posted steep share price declines for the day.
On the other hand, aside from Philex, the main index gainers were Megaworld (+4.76 percent), Bloomberry (+3.98 percent), AGI (+1.86 percent), SM Prime (+1.82 percent), JG Summit (+1.72 percent), PLDT (+1.33 percent), FGEN (+1.32 percent), Belle (+0.79 percent) and Jollibee (+0.48 percent).