Local stocks continue climb, track upbeat US market

The local stock barometer gained for a fourth session on selective large-cap buying on Wednesday, tracking upbeat US and regional markets.

The Philippine Stock Exchange index added 16.52 points or 0.22 percent to close at 7,360.75 in mixed trade.

Xurpas continued to sizzle on its second day of stock trading, rising by 41.18 percent to close at P8.40 each.

It was the most actively traded company at the stock market.

The financial, industrial and holding firm counters supported the PSEi’s rise while the services, mining/oil and property counters declined.

Despite the rise of the main index, market breadth was negative as there were 105 decliners that overwhelmed 68 advancers while 63 stocks were unchanged.

Value turnover stood at P8.5 billion.

The PSEi was led higher by URC, GTCAP, AC and AGI, which all surged by over 1 percent.

Metrobank, ALI and SMIC also contributed modest gains to the index.

Other notable gainers outside of the PSEi were Puregold (+1.78 percent) and DNL (+0.96 percent).

On the other hand, LTG fell by 1.35 percent.

SM Prime, PLDT, Globe and Bloomberry also declined for the day.

Meanwhile, Megawide listed on Wednesday 40 million preferred shares after raising P4 billion from the issuance at P100 a share.

“Megawide’s portfolio of clients and projects has grown significantly to include major infrastructure developments. Being an active participant in public-private partnership project biddings, it is good to note that it has been awarded four of the five public-private partnership projects that it participated in,” said PSE president Hans Sicat in his welcome remarks during the ceremony.

“I am also pleased to note that among the projects that it will fund through the amount raised from this capital raising activity is its renewable energy projects which are very worthy endeavors,” Sicat added. Doris C. Dumlao