PHL share prices post modest gains, as investors went bargain-hunting

Philippine share prices posted modest gains on Thursday as investors went bargain-hunting following a huge decline on Wednesday. The bellwether 30-company Philippine Stock Exchange index jumped 13.08 points or 0.29 percent to 4.501.34 while the all shares added 1.68 points or 0.05 percent at 3,104.11. In the previous session, Philippine stocks gave up over one percent following a report, indicating that American consumers were scrimping on purchases, something that would be detrimental to the already weak US economy. Gainers outnumbered losers, 88 to 64, while 29 stocks closed unchanged. The six sectoral indices were split in half, with Financials, Services and Mining & Oil advancing, while Industrial, Holding Firms and Property retreating. Volume traded reached 10.72 billion shares worth P5.97 billion. "Local earnings reports will also contribute to market performance. With the negativity largely remaining from abroad, this decline (last Wednesday) can be treated as a buying opportunity for certain stocks," said AB Capital in a market note posted online. Overnight, the Dow and Nasdaq closed slightly higher. In Asia, on Thursday, meanwhile, bourses were mixed with Australia, Hong Kong, Singapore, South Korea and Taiwan’s trading lower while, Shanghai, Japan, New Zealand and Malaysia’s were trading higher. In the local market, four of the five most actively traded issues for the day closed in the green. Lepanto Consolidated Mining Co. , the day's most active, climbed P0.10 or 8.20 percent to P1.32. Telecommunications giant Philippine Long Distance Telephone Co. surged P2 or 0.08 percent to P2,400. Alternative power producer Energy Development Corp. shed P0.06 or 0.90 percent at P6.60. Zeus Holdings Inc. soared P0.12 or 13.04 percent to P1.04. Metropolitan Bank & Trust Co., one of the country's largest lenders in terms of assets, gained P1.60 or 2.07 percent at P78.80. -- CMA/OMG, GMA News