Rosy earnings forecast sparks interest in mining, energy shares
The benchmark Philippine Stock Exchange index (PSEi) consolidated below 6,300 while energy and mining stocks perked up the market on expectations higher commodity prices pushed up earnings in the second quarter.
The PSEi shed 0.18 percent, or 11.44 points, to 6,274.80 while the broader All Shares index added 0.005 percent, or 0.17 points, to 3,381.53.
Trading activity increased as 733.65 million shares valued at P5.03 billion changed hands. Foreigners were also net buyers to the tune of P22.65 million, PSE data showed.
Mining and oil jumped 2.46 percent on strong gains by Semirara Mining and Power Corp. and Nickel Asia Corp. AbaCore Capital Holdings Inc. surged over 9 percent after announcing a coal operations venture in Surigao del Sur while Basic Energy Corp. rose nearly 8 percent.
Financials, industrial and services also rose while holding firms and property stocks retreated on Wednesday.
Semirara Mining and Power Corp. was the top traded company as it rallied 3.69 percent to P40.70 per share.
It was followed by Ayala Land Inc., up 3.28 percent to P25.20; BDO Unibank Inc., up 0.43 percent to P118; SM Prime Holdings Inc., down 2.91 percent to P36.75; and DMCI Holdings Inc., up 3.44 percent to P9.31 per share.
Other heavy movers were PLDT Inc., up 0.91 percent to P1,669; SM Investments Corp., down 1.01 percent to P788; International Container Terminal Services Inc., down 2.15 percent to P182; Converge ICT Solutions Inc., up 2.96 percent to P20.85; and Ayala Corp., flat at P610 per share.
Overall, there were 103 advancers against 81 losers while 40 companies closed unchanged.
