Market posts modest gain

The Philippine Stock Exchange Index yesterday posted a slight gain, although trading was light and equities elsewhere in the region weakened on concerns about the economy and politics in the United States ahead of a vote on healthcare reform.

The benchmark measure was up 0.11 percent, or 9 points, to 7,971.72. It hit an intraday high of 7,999, or just below the 8,000 mark. The broader all-shares index was down 0.11 percent to 4,753.33.

There were a total of 1.7 billion shares valued at P6.22 billion that changed hands. Decliners outnumbered gainers 142 to 65 while 46 companies closed unchanged.

Sub sectors saw mixed results. Losers were led by financials, down 0.73 percent, mining and oil, down 0.61 percent, and industrial stocks, down 0.36 percent. Property was the biggest gainer at 0.73 percent, followed by holding firms, up 0.09 percent, and service, up 0.06 percent.

Metropolitan Bank and Trust was the most actively traded bank yesterday as it fell 3 percent to P85.35 per share.

It was followed by Ayala Land Inc., up 1.29 percent to P43.20, Metro Pacific Investments Corp., up 2 percent to P6.84, Semirara Mining and Power Corp., up 1.73 percent to P171, and DMCI Holdings Inc., down 1.89 percent to P15.6 per share.