Stocks end slightly higher

July 12, 2018

Stocks lost its early gains Thursday and the local index closed modestly but the peso closed unchanged at P53.50 against the US dollar despite opening at P53.55. The Philippine Stock Exchange Index closed at 7,350.58, up 16.85 points. In the broader market, there were 106 decliners, 84 gainers and 46 unchanged. Volume rose to 2.13 billion valued at P5.5 billion from Wednesday's 852.3 million worth P5.16 billion. Most active shares were led by Metrobank, up 1.74 percent to P70.30; Jollibee, up 1.05 percent to P249.80 and Transpacific Broadband, up 37.78 percent to P0.62. In a disclosure to the Philippine Stock Exchange, Transpacific said it is "raising funds from a private placement up to 40 percent of common equity from foreign sources to be able to participate in various opportunities in the telecommunication market brought about by directive of the government to have a 3rd telco in the Philippines." Transpacific said it has a 25-year congressional franchise that allows it to participate in this activity, according to the disclosure. DMS