PH Stocks Up on Positive Global Market Sentiment

??????????????????Manila—(PHStocks)—Philippine stocks recovered Wednesday, May 8, as investors hunted for bargains after two sessions of profit taking. Better than expected regional and global economic data, and strong quarter performance from most local companies have further lifted market sentiment, as the benchmark PSE index gain 0.49% or 35.18 points to close today’s trading at 7,181.3.

On a sectoral basis, half of the counters have recovered, led by the Property index, which gained 1.01%. The Services index came in at second, edging higher by 0.85%, while the Holding Firms segment pulled in a 0.36% growth. The Mining and Oil index, on the other hand, dropped by 1.27%. The wider All Shares index, meanwhile, gained 0.27%% to close at 4,473.62.

Trading was slightly heavy, with value turnover reaching PhP9 billion on 4.29 billion shares traded. There were 70 gainers and 94 decliners, while 53 stocks were flat.

Today’s top most active stocks are SM Investments Corporation (SMIC, PSE: SM), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Ayala Land Inc. (PSE: ALI), Ayala Corp. (PSE: AC), Universal Robina Corporation (PSE: URC), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), Alcorn Gold Resources Corporation (PSE: APM), Alliance Global Group Inc. (PSE: AGI), LT Group Inc. (PSE: LTG), and Metro Pacific Investments Corporation (MPIC, PSE: MPI),.

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The top gainers are:

Below are the day’s biggest losers:

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