PH stocks end losing streak
MANILA, Philippines—Most local stocks firmed up on Wednesday, tracking a regional upswing fueled by upbeat US and China data.
Stabilizing after a three-day slump, the main-share Philippine Stock Exchange index (PSEi) gained 7.62 points, or 0.11 percent, to close at 6,787.88.
Dealers said the local market had managed to ride on buoyant regional markets, in turn propped up by reports on industrial profits from China alongside a third monthly rise in orders for US durable goods in April.
At the local market, most counters were modestly higher ahead of the release of the Philippines’ first-quarter gross domestic product (GDP) report card on Thursday. Only the property counter was slightly in the red.
Among PSEi stocks, the notable gainer was LT Group (+3.77 percent), which is benefiting from steps being taken by banking arm Philippine National Bank (PNB) to reduce its debt stock.
Shares of PLDT, Megaworld, BPI, SM Investments Corp., Universal Robina Corp., BDO Unibank, Ayala Corp., SM Prime, Metro Pacific Investments Corp., Alliance Global Group Inc. and Jollibee also firmed up.
Outside of PSEi stocks, Puregold (+1.52 percent) and 8990 (+13.6 percent) were among the outperformers with relatively heavy volume.
On the other hand, there was lackluster trading on Ayala Land Inc., Metrobank, Meralco and JG Summit. Robinsons Retail (-1.02 percent) likewise ended lower.—Doris C. Dumlao
