LOCAL stocks managed to post gains despite the region ending mainly lower on worries over slowing global growth and a potential interest rate increase by the US Federal Reserve this month.
The benchmark Philippine Stock Exchange index (PSEi) gained 0.16 percent, or 10.98 points, to 6,745.99 at yesterday’s close, paring losses early in the session. The broader all-shares index, however, was down 0.02 percent to 3,894.12.
Subindices also closed mixed. Gainers were led by property, up 1.04 percent, and holding firms, up 0.62 percent. Mining and oil as well as services led losers as both were down 1.46 percent and 1.18 percent, respectively.
A total of 1.37 billion shares valued at P4.97 billion changed hands. Decliners led advancers, 121 to 43, while another 46 companies closed unchanged.
Data from the PSE showed that total foreign selling hit P3.2 billion, for a net withdrawal of P950 million. Miguel R. Camus