Profit-taking lifts stocks

Stocks continued their recovery as the benchmark index surged yesterday following steep losses earlier in the week.

The Philippine Stock Exchange index (PSEi) closed the session higher by 119.45 points, or 1.62 percent, to 7,503.72. The broader all-shares index was up 1.41 percent, or 60.03 points, to 4,314.24.

All subsectors ended positive. Gainers were led by property firms, up 2.69 percent, followed by holding companies, up 2.5 percent. Other notable gainers were mining and oil, which rose 1.19 percent, and services, 1.02 percent.

A total of 1.27 billion shares changed hands yesterday for P8.55 billion. Data from the PSE showed that 103 companies gained while another 58 companies closed in the red as 47 were unchanged.

Metrobank was the session’s most actively traded stock as it gained 0.91 percent to P88.8 a share. It was followed by Universal Robina Corp., down 0.8 percent to P185; Globe Telecom Inc., up 2.59 percent to P2,698; GT Capital Holdings, up 3.48 percent to P1,351, and PLDT, up 0.94 percent to P2,800 a share.