Local stocks slightly firmed up Monday as selective month-end and quarter-end window-dressing activities offset the dumping of telecom shares.
The main-share Philippine Stock Exchange index (PSEi) firmed up by 4.06 points or 0.06 percent to close at 7,265.36.
The index was led by the industrial counter, which was up 1.5 percent, while the financial, holding firm and property counters posted modest gains.
The services counter fell by 2.06 percent due to earnings concerns on telcos, which were the top traded stocks. PLDT lost 3.38 percent while Globe was down 5.61 percent after the two companies announced aggressive offerings to prepaid mobile subscribers, which many investors read as a rekindling of the price wars. PLDT announced free Internet until end-November while Globe brought back its free Facebook promo.
Value turnover for the day amounted to P15.7 billion, boosted by some P6 billion worth of Premium Leisure Corp. shares that exchanged hands through block sales as the Belle group placed out shares to widen the gaming unit’s public float. Doris C. Dumlao