Philippine stocks started the trading week in the green, with some investors betting heavily on mining and oil firms.
The Philippine Stock Exchange index went up by 2% to 6,019 on Monday, October 19, while the broader all shares climbed by almost 1.7%. Mining and oil jumped 4.3%. The sub-index was pulled up mainly by Manny Pangilinan’s PXP Energy, which zoomed to the 50% ceiling right at the open, after the governmentThe market has priced PXP Energy at P11.58, 125% more than the P5.14 before the news on the coveted area broke.and is in talks with China National Offshore Oil Corporation.
Meanwhile, net foreign selling continued for the 27th straight day at P614 million or $12 million. Year-to-date, net foreign selling stands at almost $2.3 billion.