Philippine stocks close flat

MANILA, Philippines—Local shares were mixed on Thursday with trading dominated by a combination of bargain hunters and profit takers, sending the main index slightly down.

The benchmark Philippine Stock Exchange Index (PSEi) closed flat at 4,334.66, down slightly by 7 points, or 0.16 percent, from the day before. The broader all-share index, meanwhile, was up by 0.16 percent, or 4.92 points, to 3,023.49.

Sub-indices closed mixed, with gainers led by mining and oil shares, which rose 2.54 percent. The property and industrial sector similarly gained by 0.35 percent and 0.28 percent, respectively.

The services and financial sectors both fell by 0.44 percent and 0.31 percent, respectively. Holding firms followed with a 0.23-percent drop for the day. Advancers outnumbered decliners 83 to 58, while 50 stocks stayed unchanged.

“Philippine bourse traded mixed as bargain hunters took profits today,” a local brokerage firm said.

Bienvenido Tan III’s Active Alliance Inc. was the day’s top gainer, with its share price climbing by 50 percent—the PSE’s maximum allowed movement for any stock in a day.

This followed rumors of a possible entry by billionaire Enrique Razon Jr., who was said to be looking for listed companies that can be used as vehicles to take his new casino venture public. Active Alliance has denied these rumors.