Stocks gain on China news

Local stocks firmed up 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. Only the property counter closed lower.

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.

Value turnover amounted to P5.37 billion. There were 79 advancers that exceeded 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 more than 1 percent while Jollibee, Globe, BDO, EDC, PLDT and URC also contributed to the day’s index gains.

Meanwhile, the index laggers were DMCI (-2.73 percent) and MPI (-2.04 percent) while AP, Petron and SMC all fell more than 1 percent.  Philex and Bloomberry also ended lower.

The Philippine Stock Exchange agreed to lift today the trading suspension on 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.  Doris C. Dumlao