Philippine stocks resume climb

 AFP FILE PHOTO

MANILA, Philippines—The local stock market resumed its climb to near all-time highs Friday as sentiment was boosted by the Securities and Exchange Commission’s promise to come up with a ruling on foreign capital limit that will not set back the local capital markets.

The main-share Philippine Stock Exchange index gained 22.08 points, or 0.41 percent, to close at 5,468.79. Index heavyweight PLDT rose 1.94 percent as the SEC assured after a public hearing on the matter that it would come up with a reasonable ruling on PLDT’s foreign equity issue.

The index closed near its record high finish of 5,473.61 posted last Tuesday. Value turnover amounted to P6.65 billion. There were as many advancers as there were decliners (79) while 56 stocks were unchanged.

Eagle Equities president Joseph Roxas said concerns on the PLDT foreign ownership issue have eased. He added that the market was encouraged by the five-year curing period to be given by the SEC for non-compliant companies.

Infrastructure holding firm MPIC, which like PLDT is also led by the First Pacific group, rose 2.4 percent. Other large-cap stocks that contributed gains to the PSEi were SM Investments, BDO, URC, ICTSI, Meralco, Petron, RLC and AGI.

Outside the PSEi, the outperformers were STI (+9.57 percent), FPH (+3.47 percent) and Lopez (+3.47 percent). GTCAP and Security Bank also gained in heavy volume.

On the other hand, shares of Metrobank, Ayala, ALI and EDC curbed the PSEi’s gains.

Elsewhere in the region, stock markets traded with caution due to US fiscal concerns alongside lingering uncertainties in the eurozone.—Doris C. Dumlao