PH Stocks Recover, Post Record Turnover

PHStocks 31/05/201318/08/2013 0 Comments Alliance Select, BCOR, BEL, Belle, Berjaya, CEI, COSCO, Cosco Capital, Crown Equities, Cyber Bay, CYBR, FFI, Filipino Fund, food, ICT, International Container Terminal, LMG, LMG Chemicals, MCP, MEG, Megaworld, MEGW1, Melco Crown, Metro Pacific Investments, MPI, MPIC, Pepsi, PF, PGOLD, Philex, PIP, Pure Foods, Puregold, PXP, RFM, RLC, Robinsons Land, San Miguel, SMC, TKC Steel, Wellex, WIN, Yehey!

Manila—(PHStocks)—Philippine stocks withstood an early session downtrend to post a recovery at the last trading day of the week and the month as investors scoop up bargains. The benchmark Philippine Stock Exchange (PSE) index gained 0.99% or 68.6 points to close at 7,021.95 – climbing back to the 7,000-level after the bloodshed yesterday. Meanwhile, value turnover reached a whopping PhP85.25 billion on 6.287 billion shares traded.

Stocks may have also been lifted up by the country’s first quarter GDP growth of 7.8%, as well as a slight recovery in the U.S. equities markets.

The Financials, Industrial, Services and Property indices were also back in the green. The Mining and Oil sector, meanwhile, lost 0.53%, and the Holding Firms index shed a slight 0.44%.

One of the highlights of today’s market was the landmark deal between tycoon Henry Sy’s businesses, wherein SM Investments Corp. will consolidate all its property units into SM Prime.