Mining stocks buoy up local stock market

MANILA, Philippines – Local stock market firmed up slightly on Friday as robust market appetite for mining stocks tempered the impact of a cautious global environment.

The main-share Philippine Stock Exchange index closed marginally higher at 4,290.92, up by 0.33 points or 0.008 percent.

The index was aided most by the mining/oil counter, which surged by 3 percent on the back of gains made by Lepanto A (for local investors) and B (open for both local and foreign) as well as Manila Mining A.

These mining stocks benefited from upbeat prospects for gold production, industry sources said.

The financial, industrial and holding firm counters were also higher albeit at a very modest pace.

On the other hand, a 1.16 percent decline in the services counter tempered the overall index gain.  The property counter was also in negative territory.

Turnover amounted to P6.83 billion.

There were 79 advancers against 74 decliners while 42 stocks were unchanged.

The PSEi was kept buoyant by Metrobank, Metro Pacific Investments, SMIC, EDC, AGI, BPI, BDO, Aboitiz Power, SM Prime and Manila Mining A.

On the other hand, the index gains were pared down by the decline in the share price of ICTSI, PLDT, URC, ALI, DMCI, SMC and Megaworld.

SMC’s share price fell by 2.5 percent to P120 per share after its beer unit San Miguel Brewery Inc. proposed amendments to the bond covenant covering the P38.8-billion bonds issued in 2009.