Stocks defy regional decline

Philippine stocks gained Wednesday as the rest of the region ended mixed amid renewed worries over China’s growth.

The benchmark Philippine Stock Exchange index (PSEi) rose 0.47 percent, or 32.67 points, to 6,948.18 while the broader all shares index was also up 0.45 percent to 4,022.37.

Sub-sectors ended mixed with gainers led by property, up 1.5 percent, and financials, up 1.04 percent. Losers were mining and oil, which slid 1.34 percent, and services, down 0.87 percent.

Gainers were nevertheless broad-based. A total of 105 companies ended positive, against 86 decliners and 31 stocks that closed unchanged, data from the PSE showed. A total of 1.33 billion shares valued at P8.32 billion changed hands Wednesday.

Leading the roster of actively traded companies was Robinsons Retail Holdings. The company’s shares jumped 4.7 percent to P68 a share. This was followed by Ayala Land Inc., up 1.48 percent to P34.20; GT Capital Holdings, up 0.44 percent to P1,356; Jollibee Foods Corp., up 0.44 percent to P226, and Ayala Corp., up 1.79 percent to P738 a share.

Other actively traded companies were BDO Unibank Inc., up 0.5 percent to P101; Philippine Long Distance Telephone Co.; down 3.43 percent to P1,690; Metropolitan Bank and Trust, down 3.23 percent to P80; Megaworld Corp., up 5.17 percent to P4.07, and Puregold Price Club Inc., up 2.94 percent to P35 per share. Miguel R. Camus