PSEi up as stocks take cue from mining news

The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday as heavy selling subsided and President Duterte lifted a moratorium on new mining deals, signaling the government’s willingness to take bigger steps to prop up the economy.

By the closing bell, the PSEi was up 0.26 percent, or 16.75 points, to 6,539.96 while the broader all-shares index was up 0.33 percent, or 12.96 points, to 3,997.58.

President Duterte issued Executive Order 130, rolling back a ban on new projects imposed in 2012 by then President Benigno Aquino III.

The mining and oil subsector was the top gainer for the day, jumping 5.38 percent. Property, services and financials also rose while industrial and holding firms declined.

Volume was relatively subdued with 4.3 billion shares valued at P5.4 billion changing hands. There were 103 gainers versus 100 decliners while 46 companies closed unchanged.

Apollo Global Capital Inc. was the most actively traded on Thursday as it gained 16.34 percent to P0.235 per share.

It was followed by Ayala Land Inc., up 1.35 percent to P33.70; BDO Unibank Inc., up 0.87 percent to P104.90; Megaworld Corp., down 3.74 percent to P3.35; and SM Prime Holdings Inc., up 2.24 percent to P36.50 per share. —MIGUEL R. CAMUS