PH stock index firms up

pse.com.ph photo

MANILA, Philippines—The local stock market firmed up on Thursday, tracking mostly buoyant regional markets after a favorable gauge of factory output in China.

The main-share Philippine Stock Exchange index added 22.32 points or 0.34 percent to close at 6,661.44.

Regional markets were mostly higher after China’s manufacturing index in June grew at a higher than expected pace.  Meanwhile, the US Federal Reserve issued a statement affirming its bond-buying activities.

Only the property counter closed lower.

Turnover amounted to P5.37 billion.

There were 79 advancers against 59 decliners while 38 stocks were unchanged.

The biggest index gainer was AGI (+4 percent), bouncing from the previous day’s decline.  MWC, SM and BPI also rose by over 1 percent while Jollibee, Globe, BDO, EDC, PLDT and URC also contributed to the day’s index gains.

The index laggers were DMCI (-2.73 percent) and MPI (-2.04 percent) while AP, Petron and SMC all declined by over 1 percent.  Philex and Bloomberry also ended lower.

Meanwhile, the Philippine Stock Exchange agreed to end on Friday  the trading suspension of Leisure & Resorts.  Trading on LR has been suspended since Tuesday after an erroneous disclosure on dividend.

To make amends to affected investors, LR has offered to buy back and sell back shares at the same cost that affected investors had traded shares of LR on Monday when the erroneous disclosure was made.