Local stocks close higher

Philippine stocks closed positive on Friday, moving in lockstep with regional bourses, which took a breather from a strengthening US dollar on account of the Thanksgiving break.

The benchmark Philippine Stock Exchange Index (PSEi) rose 0.24 percent, or 16.47 points, to 6,889.78 yesterday. The broader all-shares index was also up 0.14 percent, or 5.9 points, to 4,176.54.

Despite those gains, stocks were generally down, with almost all subsectors closing in the red. Trading volume was also significantly lower on Friday.

The sole gainer was property, which rose 2.28 percent. Losing subindices were led by mining and oil, down 1.49 percent, followed by industrial, down 0.42 percent, and services, down 0.3 percent.

Data from the PSE showed that a total of 880.45 million shares changed hands, valued at P4.84 billion. Losers and gainers were almost at par, 90-94, while 47 companies closed unchanged.

Ayala Land Inc. again was the most actively traded company yesterday. It jumped 4.35 percent to P32.35 per share.

The builder was followed by SM Investments Corp., down 0.31 percent to P640, Universal Robina Corp., down 2.74 percent to P174.10, Metropolitan Bank and Trust, up 2.4 percent to P74.75, and Ayala Corp., down 1.62 percent to P728 per share.