PHL stocks extend gains

By on May 31, 2016

(Wikipedia photo)
(Wikipedia photo)

MANILA – Local share prices rose for the second day on Monday, powered by gains of the services counter.

The barometer Philippine Stock Exchange index (PSEi) advanced 52.66 points to 7,464.34 from Friday’s 7,411.68 finish.

“PLDT (Philippine Long Distance Telephone) and Globe’s acquisition of San Miguel’s telco assets, including the prized 700MHz frequency, was today’s market mover,” said stock brokerage firm RCBC Securities Inc.

It said these three companies outperformed the rest of the index stocks and together added 49.16 points to the bellwether PSEi.

Share prices of the services sector surged 4.61 percent, while holding firms rose 0.40 percent.

The sub-indices of other counters ended in the negative territory.

RCBC Securities added that the local bourse also tracked the movement of Asian bourses inspired by gains in Wall Street.

Value turnover was thick at Php15.38 billion on 2.68 billion shares changing hands.

Market breadth was negative with decliners outpacing advancers, 104 to 85, while 45 issues were unchanged.