Banks bring PH shares near 7,000

MANILA  -The Philippine benchmark index came close to breaching the 7,000 level on Friday before pulling back as bulls struggled to overcome significant resistance.

The Philippine Stock Exchange Index pulled back after touching a session high of 6,990.65, finishing at 6,913.21 for a gain of 0.15 percent or 10.06 points. The broader All Shares index was up 0.17 percent, or 6.29 points, to 3,608.12.

Large banks and property stocks helped fuel gains on Friday, while holding firms and mining and oil slumped.

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A total of 565.13 million shares valued at P4.54 billion changed hands while foreigners made net purchases of P4.54 billion, data from the stock exchange showed.

Some of the other corporate announcements on Friday were MerryMart Consumer Corp.’s upgrade of long-term revenues to P150 billion by 2023 and Aboitiz Equity Ventures’ successful acquisition of 40 percent of Coca-Cola Beverages Philippines Inc.

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Ayala Land was the most actively traded stock as it climbed 2.34 percent to P37.20 per share.

SM Prime Holdings Inc. was down 0.9 percent to P33.20 while International Container Terminal Services Inc., was up 1.01 percent to P279.

Bank of the Philippine Islands was up 0.84 percent to P120; and Universal Robina Corp., up 0.88 percent to P114.