PH stock index closes above 6,300
MANILA, Philippines—Local stocks bounced from early session losses to end above the 6,300 mark in mixed, lethargic trade on Tuesday, tracking mostly firmer regional markets.
The main-share Philippine Stock Exchange index closed higher by 8.11 points, or 0.13 percent, at 6,327.02.
Modest gains by the industrial and services counters aided the index even as the financial, holding firm, mining/oil and property counters lost ground.
Value turnover amounted to only P4.46 billion. Despite the main index advance, the 57 advancers for the day were no match for the 81 decliners while 46 other traded issues closed unchanged.
In the morning, dealers said the index was technically bearish. But in late-session trade, the index rebounded, led by Universal Robina Corp. and Globe Telecom, which both advanced more than 4 percent alongside Aboitiz Equity Ventures (+2.04 percent), Robinsons Land Corp., Aboitiz Power Corp., Meralco and First Gen, which all gained more than 1 percent while Bloomberry, DMCI and Jollibee also contributed to the day’s gains.
The day’s biggest loser was San Miguel Corp. (-3.21 percent) while Metro Pacific Investments Corp., SM Investments Corp. and JG Summit declined by more than 1 percent. Ayala Corp., Philex, Ayala Land, Megaworld and BDO also declined.
Outside the index stocks, Security Bank (-2.5 percent) declined in heavy volume.—Doris C. Dumlao
