Philippine stocks end 3-day decline
Image from pse.com.ph
MANILA, Philippines—Local stocks firmed up on Tuesday, ending a three-day decline amid mixed trading and lackluster regional markets.
The main-share Philippine Stock Exchange index added 7.53 points, or 0.14 percent, to close at 5,432.32. Across the region, trading was muted by caution ahead of the third-quarter corporate earnings reporting season.
The local index was supported by gains from the financial, industrial and holding firms but its rise was tempered by the decline of the services, mining/oil and property counters.
Value turnover amounted to P5.78 billion. There were 80 advancers that narrowly edged out 78 decliners at the local stock market on Tuesday.
Among the stocks that contributed to the PSEi’s gains were SMIC, Metrobank, First Gen, AC, BPI and Belle.
The day’s outperformer was Coal Asia, whose shares hit the maximum daily price increase of 50 percent on listing day. The company, which sold shares at a bargain price compared to its peers, attracted investors to its vast coal reserves and prospective foray into power generation and gas exploration.
Outside PSEi stocks, GT Capital, FPH and ELI also gained in heavy volume. APM (+10 percent) also continued to be a market favorite.
On the other hand, the PSEi’s rise was curbed by the decline of PLDT, Meralco, SM Prime, MPI and AGI.
Lodestar and Bloomberry also declined in heavy trade.
Monday’s outperformers MJIC (-22.22 percent) and MJC (-11.25 percent) succumbed to profit-taking. Meanwhile, STI (-15.76 percent to P1.39 per share) also slumped on news that the company’s follow-on offer was priced at P0.90 versus the earlier indicative maximum price of P1.50.
