Local stock exchange closes at new high

MANILA, Philippines—The local stock market inched up to a new record high on Tuesday, defying jittery global investor sentiment, as mining stocks continued to sizzle.

The main-share Philippine Stock Exchange index added 9.64 points or 0.21 percent to 4,485.65, closing at a record high for the third day in a row.

The mining/oil counter continued to outperform other sectors, rising by 4.89 percent. The financial and industrial counters also ended in positive territory, making up for the slump in the holding firms, property and services counters.

Turnover was heavy at nearly P7 billion. The index, however, was fueled by selected buying. Despite the overall index gain, the 71 advancers in the overall market were slightly outnumbered by 73 decliners while 48 stocks were unchanged.

The index was led higher by Lepanto “A” (reserved for local investors) and “B” (open to both local and foreign investors), Metrobank, URC, Philex, BPI and ICTSI. Non-index stocks San Miguel, Semirara, Boulevard Holdings, Atlas, Manila Mining and Petron also gained in active trade.

On the other hand, index gains were tempered by the profit-taking on BDO, EDC, PLDT, Aboitiz Power and SM Investments. Non-index stock East Asia Power, a favorite in previous days, also succumbed to profit-taking.