PHISIX BUCKS TREND, SHARES HIGHER
Manila, Oct. 28, 1997 - The Philippine stock market yesterday defied regional trends and managed to close a bit higher. Late buying in blue chips reversed what could have been another day of losses.
The Philippine Stock Exchange index gained 9.56 points, to close at 1,857.34. Losers outnumbered gainers 68 to 30. Analysts say the larger number of losers underscored the total weakness of the market.
A total of 733 million shares were traded, valued at P1.69 billion. Leading the gainers were PLDT, which added P45 to close at P850; Metrobank, gaining P7.50 to close at P277.50.
The mining sector was mainly on the downside, with Lepanto A down 6.52% to P0.43 and Lepanto B, down 9.8% to P0.46.
Most traded stocks were Metrobank, PLDT, SM Prime Holdings, Ayala Land and Ayala Corporation.
Top money makers were Negros Navigation (up 20% to P), Asia Amalgamated (up 18.18%), Philex Mining B (up 13.92%) and Oriental Petroleum B (up 9.09%).
Top losers were Picop (down 28.57%), Atok-Big Wedge B (down 23.08%), Philcomsat Holdings (down 16.67%) and Seafront Resources (down 9.09%).
Reported by: Sol Jose Vanzi
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