Stocks gain ahead of two-day holiday

October 30, 2017

Stocks closed higher on Monday ahead of a two-day holiday.

The Philippine Stock Exchange index ended 69.31 points higher to 8,365.26. In the broader market, there were 96 gainers, 87 decliners and 58 issues unchanged.

Volume reached 730 million shares worth P6.65 billion. Foreigners were net sellers with P2.54 billion sold compared to P2.39 billion bought.

Among most traded shares, Phoenix Petroleum gained 0.70 percent to P 11.50. SSI Group Inc signed an agreement to sell its shares of Family Mart  to Phoenix Petroleum.

PLDT rose 1.85 percent to P1,710. The telecommunications company said it will spend P 7 billion on a new Trans-Pacific cable to strengthen connections with Japan and the United States.

The peso closed at P51.61 against the US dollar from P51.76 on Friday. Volume at the Philippine Dealing System reached $421.80 million from $629.50 million. DMS