Shares advance ahead of Lunar New Year break

MANILA, Philippines  —The benchmark Philippine Stock Exchange Index (PSEi) extended gains on Thursday, lifted by robust foreign buying before the long weekend break.

By the closing bell on Thursday, the PSEi rose 0.29 percent, or 20.12 points, to 6,850.16 while the broader All Shares index added 0.21 percent, or 7.45 points, to 3,574.21.

There will be no trading on Friday due to the Chinese New Year festivities.

Meanwhile, data from the stock exchange showed 535.76 million shares valued at P6.89 billion changing hands while net foreign buying amounted to P953.68 million.

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Subsectors were mixed, with financials, property and services gaining ground while mining and oil, holding firms and industrial stocks retreated. BDO Unibank Inc. was the top traded stock as it rose 2.4 percent to P153.60 per share.

It was was followed by Bank of the Philippine Islands, up 0.71 percent to P113.40; International Container Terminal Services Inc., up 0.37 percent to P271; Ayala Land Inc., up 1.16 percent to P34.90; and Universal Robina Corp., down 0.09 percent to P111.30 per share. SM Prime Holdings Inc. was down 0.43 percent to P34.65; Ayala Corp., down 2.1 percent to P700; SM Investments Corp., up 0.55 percent to P915; Metropolitan Bank & Trust Co., up 2.6 percent to P59.20; and Monde Nissin Corp., up 2.79 percent to P9.95 per share. Overall, there were 106 advancers against 91 losers while 46 companies closed unchanged, data from the stock exchange showed.