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Share prices closed 0.26 percent higher yesterday on bargain-hunting in select blue-chips, dealers said.
However, the broader market consolidated amid a dearth of strong leads, they added.
The composite index gained 9.06 points to 3,452.62 after moving between 3,444.02 and 3,461.77.
The broader all-share index gained 4.20 points to 2,213.30.
Gainers beat losers 66 to 41, while 59 stocks were flat. Volume totalled 5.5 billion shares worth P4.4 billion.
“The index-related main counters that led the record rallies in previous sessions are now overbought, so investors had to go to smaller issues which still have upside potential,” said Astro del Castillo of First Grade Holdings.
The day’s gainers were led by SM Prime Holdings which added 25 centavos to P12.75 and Ayala Corp. which gained P5 to P515.
Petron edged up 20 centavos to P5.30 while Bank of the Philippine Islands was up P1 at P68.50 while Megaworld rose 10 centavos to P3.80.
Decliners include Philippine Long Distance Telephone Co. (PLDT) which gave up P15 to P2,540.
San Miguel A shares slipped one to P65.50 while its B shares lost P1.50
“A lower interest rate scenario spurs economic growth,” said Jenny Ting, who helps manage about $4.7 billion at BPI Asset Management Inc. in
Bank of the Philippine Islands, the country’s largest lender by market value, gained P1, or 1.5 percent, to P68.50.
“Lower interest rates may increase the volume of loans handled by the banks,’’ helping boost revenue, Ting said.
Banco de Oro climbed P1, or 1.5 percent, to P66.50 after the Securities and Exchange Commission yesterday approved its acquisition of Equitable PCI Bank.
Philippine National Bank rose P3.50, or 7.1 percent, to P52.50 after president Omar Mier today forecast P1 billion of profit this year. That would be a 23-percent gain from last year. — AFP
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