Philippine Stocks Recover Ahead of APEC Meetings in Manila

After several sessions of ending in the red, Philippine stock gathered momentum on Tuesday, as heads of states started arriving in Manila for the Asia-Pacific Economic Conference (APEC) Senior Officials’ Meetings.

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The Philippine Stock Exchange Index (PSEi) gained 0.78 percent Tuesday to end the trading day at 6,825.38 points, or 52.46 points more than the previous close.

The wider All Shares index also gained 0.84 percent in today’s trading, to close at 3,947.44 points.

Stocks of Mining & Oil companies posted the most gains today with a 1.27 percent change to close at 10,990.37 points.

The blue chip stocks also performed well today with just seven of the 30 PSEi listed stocks ending the day in the red.

Petron Corporation (PSE:PCOR)’s stock was the top gainer among the blue chips, increasing by 4 percent to close at Php7.8 a share.

Shares of Metropolitan Bank and Trust Company (PSE:MBT) also rallied on the floor of the Philippine Stock Exchange, gaining 2.53 percent to trade at Php81.05 apiece at the close.

Starmalls Inc (PSE:STR)’s stock was the top gainer with a 49.87 percent change while Manila Broadcasting Company (PSE:MBC) declined 20 percent to end the day as the biggest loser. – BusinessNewsAsia.com

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