Saturday, June 26, 2010

Stocks end higher on bargain hunting

MANILA, Philippines - Share prices managed to end higher on Friday, shrugging off Wall Street's weakness overnight, as investors chased bargains.

The key Philippine Stock Exchange index rose 0.6% or 18 points to 3,352, after losses in early trade.

The broader all-share index also rose 0.4% or 9 points to 2,139.

Gainers beat losers, 57 to 38, while 75 stocks were unchanged.

A total of 2.78 billion shares worth P3.53 billion were traded.

Market heavyweight Philippine Long Distance Telephone Co. (PLDT) was the most actively traded stock by value. Recovering from a 5-session retreat, PLDT jumped 0.8% at P2,395.

Meanwhile, Metropolitan Bank and Trust Co. soared 5% to P63, its highest closing since December 2007, after its unit, First Metro Investment Corp., boosted its stake in Lepanto Mining to 19.66%. Lepanto closed up 6.1% to P0.26.

Other banking issues also ended in positive territory.

Top lender Banco de Oro Unibank Inc. gained 1.1% to P47.50, while Bank of the Philippine Islands also rose 1.1% to P45.

No comments: