PH Stocks Recover, Post Record Turnover

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.

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Meanwhile, there were 66 gainers today and 89 losers, while 48 stocks remained flat. The top most active today were Metro Pacific Investments Corporation (MPIC, PSE: MPI), San Miguel Corporation (PSE: SMC), Megaworld Corporation (PSE: MEG), Cosco Capital Inc. (PSE: COSCO), Puregold Price Club Inc. (PSE: PGOLD).

The top gainers were:

The biggest losers were:

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