Gov't intervention in mining closures boosts PHL shares

Share prices on the Philippine Stock Exchange got a lift from government intervention in the controversial closure and suspension orders against erring mining companies.

There was bargain hunting in select stocks on Thursday, following two successive trading days of losses.

"It's just bargain hunting in select stocks after losing in the last two days," Joylin F. Telagen, equity analyst at IB Gimenez Securities Inc., said.

Government intervention in the closure and suspension orders on mining firms helped to boost the market, Telagen noted. "Also, positive developments or administration intervention over closure or suspension of mining sector added additional boost," she said.

The bellwether PSEi gained 17.84 points or 0.25 points to 7,252.66. The broader All Shares grew 14.53 points or 0.33 percent to 4,394.08.

"The index traded with an upwards bias today as investors bought in anticipation of more earnings results during the next few trading days," Luis A. Limlingan, managing director at Regina Capital Development Corp., said.

The Mining and Oil index gained 238.05 points or 1.99 percent to close at 12,209.90.

More than 5.757 billion shares, valued at P6.687 billion, changed hands. Winners led losers, 97 to 95, and 42 issues were unchanged. — VDS, GMA News