Stocks resume climb

Local stocks resumed their upswing Monday, bringing the main index back to the 6,600 level, bucking a decline in most regional markets, on selective buying of blue chips.

Bouncing from a two-day decline, the main-share Philippine Stock Exchange index (PSEi) racked up 53.2 points or 0.81 percent to close at 6,614.40 as foreign investors continued to load up on local equities.

The day’s gains were led by the financial counter (+1.98 percent) although the industrial, holding firm and services counters likewise posted modest gains. The mining/oil and property counters ended lower.

Value turnover for the day amounted to P6.95 billion. There was P555 million in net foreign buying. There were 87 advancers that edged out 77 decliners while 53 stocks were unchanged.

The day’s most actively traded stock was newly listed DoubleDragon, which surged by 50 percent—hitting the daily maximum upside limit—on its first day of stock trading (See story on page B2).

For the PSEi, the day’s advance was led by BPI, which rallied by 4.49 percent. Metrobank, ICTSI and MPI also helped lift the PSEi with their increase of more than 2 percent. BDO (+1.46 percent) also contributed to the day’s gains along with AC, URC, LTG, SMPH and GTCAP. Doris C. Dumlao