MANILA, Philippines—Local stocks posted slim gains on Wednesday as upbeat investors started picking up shares of selected companies after a two-day slump.
The main-share Philippine Stock Exchange added 4.2 points or 0.1 percent to close at 4,203.68. The index traded in negative territory but closed positively due to a surge in late-session buying.
Modest gains eked out by the financial, holding firm, property and services counters compensated for the decline by the industrial and mining/oil counters which fell by 1 percent and 2 percent, respectively.
Value turnover, however, remained thin at P4.29 billion. Despite the overall slight gain, there were only 46 advancers versus 75 decliners.
PLDT, AGI and Metrobank led the index higher. Other stocks that gained on heavy volume for the day were Vista Land, DMCI, Aboitiz Power, SM Investments, Leisure & Resorts, Filinvest Land, Belle Corp. and Ayala Corp. also gained on heavy volume.
On the other hand, Semirara Mining and PNB led the day’s decliners. PNB dipped by 3.7 percent to P65 per share (after rising by 10 percent on Tuesday) as the bank explained that apart from the robust earnings posted for 2010, it was not aware of any reason for the previous day’s price surge. EDC, Metro Pacific Investments, First Gen and Meralco also traded in the red.