Stocks end losing streak
Local stocks crept higher Friday, ending a five-day slump, as SM Prime Holdings and Robinsons Land boosted the property counter.
The main-share Philippine Stock Exchange index firmed up by 9.33 points or 0.18 percent to finish at 5,214.52. This developed as regional markets rose on reports that China’s second-quarter economic growth had met market expectations.
The property counter surged 1.39 percent, led by SM Prime (+3.88 percent) and RLC (+3.76 percent).
SM Prime rose after its president Hans Sy said that the SM group’s offer on a prospective buy-in transaction with the Ortigas family was still on the table. RLC, on the other hand, sizzled on news that it was in talks to take part in the $2-billion gaming/entertainment hub planned by Japanese casino tycoon Kazuo Okada.
Value turnover swelled to P11.34 billion due to a P6.5-billion block sale of Puregold and a P1-billion block sale of Philweb.
Puregold’s controlling shareholder Lucio Co placed out shares in a recent overnight equity deal while Philweb bought shares held by ePLDT.
Advancers outnumbered decliners in the market, 87-63, while 40 stocks were unchanged.
Other index stocks that contributed to the day’s gains were PLDT, Megaworld, AGI, MPI, BDO, Globe, URC and First Gen. Also among the gainers were GT Capital, Abacus and Security Bank.
The stocks that bucked the day’s upswing were Ayala Land, Puregold, SMIC, Ayala, BPI and SMC. Doris C. Dumlao
