PSEi gets lift from end of mining ban
MANILA, Philippines — Local shares gained more ground yesterday, lifted by mining stocks which cheered the news that government is now allowing new mining projects after a nine-year ban, traders said.
The Philippine Stock Exchange index or PSEi reversed its losses earlier in the session to close higher on last minute buying. It rose to 6,539.96, up 16.75 points or 0.25 percent.
Likewise, the broader All Shares index gained 12.96 points or 0.32 percent to finish at 3,997.58.
Most of the sectors ended in the green, led by the strong 5.38 percent gain in mining and oil.The rest of the sectors were a mixed bag, with industrial and holding firms ending in negative territory.
“Philippine miners get a shot of raw earth vaccine as government ends ban on new contracts,” D.A. Market Securities said in a market commentary.
Among the major advancers are Philex Mining Corp. which surged 12.47 percent while Nickel Asia rose 4.29 percent. Atlas Consolidated Mining & Development Corp. also rose 4.75 percent. Apollo Global Capital Inc. was one of the biggest gainers at 16.34 percent.
Total value turnover was remarkably thin at P5.423 billion. Market breadth was positive, 103 to 100, while 46 issues were unchanged.
Chris Mangun of AAA Southeast Equities said gains in large-cap property issues such as SM Prime Holdings and Ayala Land Inc., which have been battered heavily in the last couple of weeks, also contributed to the higher close.
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