The benchmark Philippine Stock Exchange index rose yesterday as investors focused on quarterly earnings results.
The PSEi ended the session up 0.43 percent, or 29.51 points, to 6,952.59 while the broader all-shares index also gained 0.3 percent, or 12.6 points, to 4,254.87.
The gain came as conglomerates such as Ayala Corp., Alliance Global Group Inc. and GT Capital Holdings reported flat to higher profits.
While the index was higher, companies on a subsector basis showed a mixed bag. Financials and industrial posted gains of 2.56 percent and 0.63 percent, respectively. However, holding firms sank 0.38 percent, mining and oil dropped 0.32 percent and services were also lower by 0.27 percent. The property subindex was down 0.07 percent.
Data from the PSE showed that a total of 779.1 million shares valued at P6.51 billion changed hands yesterday. There were 90 gainers against 89 decliners while 48 companies closed unchanged.
ISM Communications Corp., the backdoor listing vehicle of Davao businessman Dennis Uy’s Udenna Corp., was again the most actively traded as it lost 5.66 percent to P7.83 per share.
This was followed by Metropolitan Bank & Trust, up 4.18 percent to P69.80, San Miguel Food and Beverage, down 1.12 percent to P84, Bank of the Philippine Islands, up 2.3 percent to P84.50, and Ayala Land Inc., down 0.77 percent to P38.50 per share. —MIGUEL R. CAMUS