Stocks end higher

LOCAL STOCKS surged for the second straight session Friday as investors gobbled up mining, holding firms and service stocks.

The main-share Philippine Stock Exchange index added 43.95 points or 1.04 percent to finish at 4,274.51.

The mining/oil counter outperformed for the day, rising 4.82 percent on the back of gains made by Philex as well as Lepanto “A” (open only to local investors) and “B” (open to both local and foreign).

Aboitiz Power, PLDT, Universal Robina, Energy Development Corp., DMCI, Megaworld and SM Investments also led the index higher for the day. Non-index stocks Leisure and Resorts and Philodrill also gained in heavy trade.

Only the financial counter traded in the red as banking stocks like Metrobank succumbed to profit-taking. Investors also pocketed gains from AGI, Ayala Land and Cebu Air.

Value turnover amounted to P4.77 billion. There were 71 advancers, beating 48 decliners while 49 stocks were unchanged. Doris C. Dumlao