PHL share prices post modest gains, buck negative sentiment across region

Philippine share prices on Thursday posted modest gains, tracking Wall Street's overnight movement and bucking the prevailing negative sentiment across Asia. The benchmark 30-company Philippine Stocks Exchange index rose 19.55 points or 0.44 percent to 4,423.55 while the broader all shares climbed 9.42 points or 0.31 percent to 3,076.01. Gainers beat loser 76 to 63, while 45 stocks closed unchanged. Except for Mining & Oil, which slipped 0.39 percent, all other five sectoral indices advanced led by Financials' 1.18-percent rise. Volume traded reached about 7.15 billion share valued at about P5.26 billion. "The main index is seen to move flat to lower in the coming days as there is a dearth of catalysts that can push the PSEi to a new high," said Prince Anthony Yeung of AB Capital in a market note posted online. Save for the minimal gains in main indices in Indonesia, China (Shanghai), all other stock markets were trading at a loss led by the nearly one percent slide in Australia, Hong Kong, South Korea and Taiwan. Overnight Wednesday, however, The Dow and Nasdaq rose 0.36 percent and 0.54 percent, respectively. In the local stock market, three of the five most active stocks closed in the green. Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets and the session's top traded, surged P2.40 or 3.64 percent to P76.95. Philex Mining Corp., one of the country's largest minders, gained P0.75 pr 2.95 percent at P26.15. Lepanto Consolidated Mining Co. "A" slid P0.04 or 3.57 percent to P1.08. Power distributor Manila Electric Co. added P2 or 0.75 percent to P270. Ayala-led Bank of the Philippine Islands dipped P0.30 or 0.51 percent to P58.50. -- CMA/OMG, GMA News