Stocks rise as ‘Brexit’ fears ease
PHILIPPINE stocks rose on Monday, as markets across the region climbed after the release of a poll favoring a scenario where Britain will stay in the European Union ahead of a key vote.
Britain’s exit from the EU was assumed to be “destabilizing toward the global economy,” AB Capital Securities Inc. said in an earlier report.
On Monday, the benchmark Philippine Stock Exchange Index rose 0.57 percent or 43.26 points, to 7,665.33 while the broader all shares index was up 0.34 percent to 4,564.66.
Only the industrial subsector sank 0.39 percent. Gainers were led by property, up 1.03 percent, and holding firms, up 0.88 percent.
A total of 1.55 billion shares valued at P6.6 billion changed hands during trading. There were 99 gainers against 97 decliners while another 51 companies closed unchanged.
Ayala Land Inc. was the most actively traded on Monday, as it gained 3.13 percent to P39.55.
This was followed by Metropolitan Bank and Trust, up 0.95 percent to P88; Metro Pacific Investments Corp., up 2.62 percent to P6.67; Globe Telecom, down 0.18 percent to P2,280; JG Summit Holdings, up 1.14 percent to P84.35; and Ayala Corp., up 0.24 percent to P841 per share. Miguel R. Camus
