Philippine Stocks Open Slightly Higher; All Sectors in the Green

PHILIPPINES – The Philippine Stock Exchange Index (PSEi) was slight up a few minutes after the opening bell Wednesday, gaining 0.13 percent but analysts said its too early to stay if the stocks will reverse the lackluster performance last Tuesday.

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The wider All Shares index was also up 0.15 percent to gain 5.80 points in the early trading minutes. Property posted the highest gain at 0.72 percent, to add 21.27 points to its value.

SM Investment Corporation (PSE:SM)’s stock was the most active during the opening, gaining 0.23 percent with a value of 74.27 million.

Leading the gainers was Swift Foods, Inc – Convertible Preferred (PSE:SFIP), which was up 37.93 percent within just a few minutes of the opening to trade at Php4.00 a share.

Shares of Atlas Consolidated Mining & Development Corporation (PSE:AT) was down 4.76 percent, followed by Mabuhay Vinyl Corporation (PSE:MVC), whose stock plunged 4.55 percent.

Among the blue chips, Megaworld Corporation (PSE:MEG) topped the gainers in early trading with a 2.08 percent rise. MEG was trading at Php4.41 s share as of 9:40 a.m.

However, Bloomberry Resorts Corporation (PSE:BLOOM), plunged 1.70 percent to lead the declines among the blue chips. – BusinessNewsAsia.com

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