Property issues lift stock price index higher

Local stocks rose on positive sentiments across the region yesterday as investors took comfort in the lack of negative news, especially from the United States, whose political controversies have weighed on global markets.

The benchmark Philippine Stock Exchange index (PSEi) rose 0.5 percent, or 38.9 points, to 7,806.57, while the broader All Shares index was also higher by 0.45 percent to 4,654.

All sub-sectors, save for mining and oil, which slid 0.05 percent, ended higher. Gainers were led by property, which was up 1.18 percent; financials, up 0.64 percent and services, 0.53 percent.

A total of 1.8 billion shares valued at P12 billion changed hands yesterday, data from the PSE showed. There were 92 gainers while 96 companies declined and 42 closed unchanged.

Some analysts nevertheless expected weak trading this week after the Philippines announced last week that first-quarter gross domestic product (GDP) growth hit 6.4 percent, below the consensus forecast of 6.7 percent.

Ayala Land Inc. was the most actively traded yesterday as it gained 1.87 percent to P38.10 a share.

It was followed by Megaworld Corp., up 2.59 percent to P4.35; Metropolitan Bank and Trust, up 1.12 percent to P90; Aboitiz Equity Ventures Inc., up 0.26 percent to P76, and SM Prime Holdings Inc., up 0.92 percent to P32.80 a share.