Stocks cheer dip in oil prices
The benchmark Philippine Stock Exchange Index (PSEi) crept higher on Thursday with local sentiment lifted by a drop in oil prices.
The PSEi rose by 0.51 percent or 36.45 points to 7,203.47, while the broader all-shares index added 0.45 percent or 17.08 points to 3,811.83.
Crude oil prices tumbled on Wednesday amid reports that the United States was considering to tap reserves of up to 180 million barrels of oil. This would also help stabilize surging price increases that were pushing up inflation around the world.
Holding firms rose by 1.03 percent while property stocks pulled back by 0.65 percent as Ayala Land and SM Prime Holdings closed lower.
The financial sub-index gained 0.78 percent, followed by industrial, up 0.68 percent; services, up 0.67 percent; and mining and oil, up 0.38 percent.
PSE data showed 1.49 billion shares valued at P7.81 billion changing hands. Advancers outnumbered decliners, 110 to 83, while 49 companies closed flat.
Article continues after this advertisementThursday also saw the listing of San Miguel Corp.’s subsidiary, Bank of Commerce, which recently raised P3.36 billion from an initial public offering.
Article continues after this advertisementAyala Land was the most actively traded during the session as it slipped 1.54 percent to P35.05 per share.
It was followed by Converge ICT Solutions Inc., up by 1.34 percent to P30.20; International Container Terminal Services Inc., up 1.26 percent to P224.80; SM Investments Corp., up 1.22 percent to P909; and SM Prime Holdings Inc., down 0.13 percent to P37.85 per share.
Other active names were: BDO Unibank Inc., down 0.23 percent to P132.70; AC Energy Corp., up 2.34 percent to P8.73; Bank of Commerce, up 1.83 percent to P12.22; Universal Robina Corp., up 1.68 percent to P121; and Metropolitan Bank & Trust Co., up 2.43 percent to P57 per share.
