Bellwether in green; mining sector top gainer

The local bourse on Thursday climbed by 22.49 points, or 0.30 percent, to close at 7,402.81.

Most sectors gained, with Mining and Oil leading the green territory, rising by 2.17 percent; followed by Services and Financials, up by 1.35 percent and 0.95 percent, respectively.

Industrial was the biggest loser, down by 0.70 percent, followed by Property shedding by 0.12 percent.

Nickel Asia Corporation was the top index gainer, jumping 5.19 percent to P3.85 while ACEN Corporation was the main laggard, dropping by 2.22 percent to P5.29.

“Philippine shares still managed to eke out gains despite rising Middle East tensions weighing on investor sentiment, while the International Longshoremen’s Association strike on the East and Gulf coasts could cost the economy hundreds of millions of dollars,” Regina Capital Development Corp. head of sales Luis Limlingan said in a Viber message.

Meanwhile, Philstocks Financial Inc. senior research analyst Japhet Tantiangco linked the positive performance to investors cheering on the September S&P Global Philippines Manufacturing PMI, which came in at 53.7. He said this reflects a quicker expansion of the manufacturing sector compared to the preceding month.

The net market value turnover was to P4.056 billion, with losers outweighing winners at 114 to 91, while 56 names remain unchanged.

International Container Terminal Services Inc. was the most actively traded stock at P449,997,994, up by 2.92 percent; followed by Globe Telecom Inc., at P435,954,820, up by 1.25 percent.

The peso closed at P56.178 to a dollar from P56.145 on Tuesday. It opened at 56.38, with its lowest at 56.03 and highest at 56.42. The weighted average was 56.187.