Conglomerates, banks lift PSE index

Conglomerates and banks lifted local equities as foreigners sold and bourses around the region struggled to find direction.

The benchmark Philippine Stock Exchange Index (PSEi) on Thursday rose 0.58 percent or 45.31 points to 7,892.81 as heavyweights SM Investments  Corp. and Security Bank rose.

The broader all-shares index also gained 0.36 percent, or 16.96 points, to 4,765.77.

Gainers among subsectors were industrials, up 1.13 percent, followed by mining and oil, up 1.07 percent, and holding firms, up 0.84 percent.

Only property closed in the red with a loss of 0.15 percent.

Data from the PSE showed a total of 6.6 billion shares worth P8.4 billion changed hands yesterday. There were 109 gainers against 87 losers while 47 companies closed unchanged.

Local buying also helped lift equities as foreigners on Thursday were net sellers to the tune of about P420 million.

Property giant Ayala Land Inc. was the most actively traded yesterday as it slipped 0.10 percent to P47.70 a share.

It was followed by International Container Terminal Services, unchanged at P130; SM Prime Holdings, down 0.14 percent to P35; Universal Robina Corp., up 0.12 percent to P172; and BDO Unibank Inc., up 1.38 percent to P147 per share.

Other actively traded stocks were SM Investments Corp., up 1.29 percent to P1,020; Ayala Corp., down 1.27 percent to P935; Security Bank Corp., up 1.24 percent to P195.40; Bank of the Philippine Islands, up 0.63 percent to P87.50 and JG Summit Holdings, up 2.32 percent to P70.50 per share.