PH stock index bounces back

MANILA, Philippines—The Philippines’ main stocks index bounced back on Friday, ending a seven-day slump  on the back of selective bargain-hunting amid lingering European debt woes.

The main-share Philippine Stock Exchange index added 23.94 points or 0.56 percent to finish at 4,261.59.

The day’s upswing was led by the holding firms and mining/oil counters, which jumped by 1.4 percent and 1.3 percent, respectively. The industrial and services counters also firmed up slightly.

The PSEI’s gains were tempered by the slight decline in the financial and property counters.

Turnover amounted to P5 billion. Despite the overall index gain, decliners slightly outnumbered advancers 79-76 while 42 stocks were unchanged.

The main index was led higher by URC, PLDT, SMC, Meralco, SM Investments, Metro Pacific, AGI and EDC. Non-PSEi stocks like Nihao, Lepanto A and B and Highlands Prime likewise traded higher.

On the other hand, BPI, Megaworld, Metrobank, ICTSI, ALI and Ayala Corp. trimmed the PSEi’s gains. There was likewise profit-taking on IPVG and Security Bank.