MANILA—The local stock market index ended slightly higher on Wednesday as investors hunted for bargains among blue chips, but the day’s rebound was tempered by profit-taking on mining.
The main-share Philippine Stock Exchange index advanced by 12.13 points or 0.28 percent to finish at 4,315.21. It was led higher by the services counter, which surged by 1.48 percent but the ascent was curbed by a 4 percent decline in the mining/oil sub-index. Turnover at the local market amounted to P5.46 billion. There were 78 advancers against 75 decliners while 28 stocks were unchanged.
Index heavyweight PLDT gained 1.6 percent to P2,420, thus perking up the services index and the overall PSEi. Other stocks that helped boost the main index were First Gen, ICTSI, Aboitiz Power, Metrobank, BPI, Globe Telecom, Ayala Land and Philex. San Miguel Corp. and Atlas also gained in heavy trade.
On the other hand, Lepanto “A” (open only to local investors) and “B” (open to local and foreign investors), Ayala Corp., DMCI, EDC and SM Investments traded lower. Boulevard, Manila Mining A and Vista Land also ended in the red. Overnight, Wall Street reopened after a long weekend break in a gloomy mood. The Dow Jones Industrial Index lost 100.96 points or 0.9 percent to finish at 11,139.30. INQUIRER