PSEi extends gains

By Leslie D. Venzon

MANILA, Oct. 12 (PNA) — Local share prices at the Philippine Stock Exchange (PSE) extended modest gains for a second day on Monday, tracking an upbeat sentiment in Wall Street.

The benchmark PSEi (Philippine Stock Exchange index) advanced 11.38 points to 7,150.29 from Friday’s 7,138.91 finish.

Local brokerage firm RCBC Securities Inc. said the market closed higher in step with Wall Street’s gain and the strong opening of Tokyo and Hong Kong bourses.

”The PSEi needs to take out 7,200 to reinforce its recent bullish behavior,” it said.

The day’s gains were led by mining and oil and services counters which climbed by 4.12 percent and 1.05 percent.

The property sector was in the red.

Volume of transaction reached 1.94 billion shares valued at Php5.81 billion.

Advancers outnumbered decliners, 120 to 72, while 32 issues unchanged.

The top active stocks were led by GT Capital Holdings Inc., Ayala Land Inc., Metropolitan Bank & Trust Company, BDO Unibank Inc. and Alliance Global Group Inc. (PNA)