Philippine stock index rises anew; mining, oil post biggest gains

Good news for the Philippine economy. The Philippine Stock index is now going up.  Below is an excerpt from Inquirer.net by Doris C. Dumlao of Philippine Daily Inquirer.

"The local stock barometer firmed up on Monday, bucking mostly sluggish regional markets, on some investors’ year-ahead positioning. The main-share Philippine Stock Exchange index added 37.88 points or 0.64 percent to close at 5,985.81. All counters were up but the biggest gain was posted by mining/oil (+1.04 percent) on follow-through buying from Friday when this counter surged by over 5 percent. Dealers attributed the rebound to the buying of oversold issues alongside an increase in copper prices."

"There were 97 advancers that beat 59 decliners while 39 stocks were unchanged at the local market. The large-cap stocks that benefited most from the day’s upswing were BDO (+1.92 percent), Metrobank (+2.07 percent), Megaworld (+3.02 percent) and JG Summit (+1.67 percent) and EDC (+2.13 percent) while URC, AC, ALI, SMIC and Globe likewise contributed to the day’s gains. On the other hand, SM Prime and ICTSI declined by over 1 percent."

Source:  inquirer.net 

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