Stock prices rise in thin trade

Local stocks rose in thin trade on Monday amid a technical glitch and holiday breaks in some regional markets.

The main-share Philippine Stock Exchange index added 23.49 points or 0.35 percent to close at 6,766.46.

Trading was thin at P4.8 billion partly due to a trading disruption of about an hour during morning trade.  Despite the disruption caused by a technical glitch, the PSE did not extend trading hours.

There were 89 advancers versus 81 decliners at the local market.

Dealers said foreign investors were heavily buying local equities—generally buying into the Philippines’ positive story – even as valuations were now trading at a premium to historical levels.

The PSEi gainers were SMIC (+3.23 percent), ALI (+1.99 percent) and MPI (+1.39 percent). GTCAP, PLDT, URC, SM Prime, BPI, EDC, Jollibee, JG Summit and AC also contributed gains.

On the other hand, AGI (-1.77 percent) and beverage unit Emperador (-3.7 percent) faltered on news of a potential acquisition of a whisky production unit of Diageo.

BDO, AEV, Megaworld, Metrobank and ICTSI likewise ended lower. Doris C. Dumlao