Local stocks were modestly higher Thursday as investors hunted for bargains among blue chips but the day’s rebound was tempered by a weaker mining sector.
The main-share Philippine Stock Exchange index advanced 12.13 points or 0.28 percent to finish at 4,315.21, firming up after a two-day downturn. The index was led higher by the services counter, which surged 1.48 percent. The overall ascent, however, was curbed by a 4-percent decline in the mining/oil sub-index due to a selloff on Lepanto.
Value turnover at the local market amounted to P5.46 billion. The day’s rebound was supported by about P256 million in net foreign buying.
There were 78 advancers, 75 decliners and 28 unchanged stocks.
Index heavyweight PLDT gained 1.6 percent to P2,420, thus perking up the services index and the PSEi.
Other stocks that helped boost the main index were First Gen, ICTSI, Aboitiz Power, Metrobank, BPI, Globe Telecom, Ayala Land and Philex. San Miguel Corp. and Atlas also gained in heavy trade.
On the other hand, Lepanto, Ayala Corp., DMCI, EDC and SM Investments traded lower. Boulevard, Manila Mining and Vista Land also ended in the red.