PHILIPPINES – Asian stocks moved in and out of the red in today’s trading session due to a slowdown in China’s manufacturing sector in October but Philippine stocks emerged as gainers after moving up 0.91 percent at the close.
The Philippine Stock Exchange Index (PSEi) gained 64.59 points in today’s trading, bringing the value of the index to 7,198.85 points. Elsewhere in Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7 percent.
Japan’s Nikkei was also down 0.1 percent to a 7-month low, while South Korea’s Kospi dipped 0.2% and the Australian stocks declined 0.7 percent.
At the Philippine Stock Exchange (PSE), all of the indices were in the green, with Holding Firms posting the highest gains of 1.47 percent or 96.95 points.
The blue chips were also rallied in today’s session, with 22 of the 30 blue chip stocks moving in the green and only 5 stocks posting a decline. Three other stocks were flat.
JG Summit Holdings, Inc (PSE:JGS)’s stock led the rally, gaining 3.64 percent to trade at Php74 a share at the close, followed by San Miguel Corporation (PSE:SMC), whose shares rose 2.81 percent to close at Php49.35 a share.
Bloomberry Resorts Corporation (PSE:BLOOM) posted the steepest decline among blue chip stocks, shedding 2.76 percent to trade at Php5.98 at the closing bell.
For all shares, A. Brown Company (PSE:BRN) ended up as the top gainer, with a 33.33 percent gain to close at Php1.00 a share. Discovery World Corporation (PSE:DWC), meanwhile, plunged by 16.50 percent to close at Php1.67 a share. – BusinessNewsAsia.com