Most local stocks slightly firmed up Friday as robust market appetite on 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 0.33 points or 0.008 percent.
The index was aided most by the mining/oil counter, which surged 3 percent on the back of gains by Lepanto “A” (for local investors) and “B” (for both local and foreign) as well as Manila Mining. These mining stocks benefited from upbeat prospects on gold production, industry sources said.
The financial, industrial and holding firm counters were a tad higher.
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.
Value turnover amounted to P6.83 billion, including about P2.9 billion in cross transactions involving shares of BPI, Metrobank, Security Bank, ICTSI, URC and EDC.
Foreign investors helped keep the index afloat as there was a net foreign selling worth P599 million for the day.
There were 79 advancers that slightly outnumbered 74 decliners while 42 stocks were unchanged.
The PSEi was kept buoyant by Metrobank, Metro Pacific Investments, SM Investments, Energy Development Corp., Alliance Global, BPI, BDO, Aboitiz Power, SM Prime and Manila Mining.
On the other hand, the index gains were pared down by the decline in the share price of ICTSI, PLDT, URC, Ayala Land, DMCI, SMC and Megaworld.
SMC’s share price lost 2.5 percent to P120 after its beer unit San Miguel Brewery proposed amendments to the bond covenant covering the P38.8-billion bonds issued in 2009. (See related story on this page). Doris C. Dumlao