Stocks eke out gains in cautious trading

MANILA, Philippines — Share prices eked out a dismal 9.25 - point increase yesterday as caution again crept into markets over US-China trade relations, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) gained 9.25 points, or 0.11 percent, to finish at 7,943.93.

The broader All Shares index, however,was down 3.76 points or 0.07 percent while the sectoral indexes were a mixed bag.

The mining and oil, property, financials and services all ended in negative territory.

Total value turnover was thin at P6.516 billion.

Not surprisingly , market breadth was negative, 100 to 91 in favor of decliners Sixty six issues were left unchanged.

Bloomberry Resorts Corp., operator of Solaire, was among the biggest losers, shedding 8.40 percent.

The company had signed a P73 billion syndicated loan with banks, proceeds of which would be used for refinancing and other working capital requirements.

The syndicate of banks is composed of BDO Unibank Inc., BDO Private Bank Inc., China Banking Corp., Philippine National Bank, PNB Savings Bank, Robinsons Bank Corp. and United Planters Bank.

Luis Limlingan of Regina Capital said “Philippine markets were unable to be pulled up by the recovery in the US markets.”

“The US market surged on Tuesday as a less-aggressive stance on trade taken by Chinese President Xi Jinping and Saudi wanting a $80 per bbl on oil lifted sentiment,” he said.