Shares recover from 3-day slide, mining stocks up


Posted at Oct 25 2017 09:59 AM

MANILA - Share prices opened higher on Wednesday, following 3 straight sessions of losses, as investors awaited third quarter corporate earnings.

The Philippine Stock Exchange Index was up 0.53 percent to 8,322.37 points in early trading. The peso opened at P51.63 against the dollar from P51.54 on Tuesday.

The index has room to correct further ahead of the earnings reports, BPI Securities analyst Riche Lim told ANC's Market Edge with Cathy Yang.

Lim said foreign funds were still keen on conglomerates such as Ayala Corp and SM Investments.

"It really shows how very limited the universe of investible stocks, at least on the foreigners’ perspective," he said.

The mining index rose 3.23 percent after a Cabinet oversight body said it would recommend the lifting of a ban on open-pit mining.

"The way to play mining is really to ride momentum and ride it based on the news flow rather than seeing it as long term investment for your portfolio," Lim said. -- with reports from Warren de Guzman, ABS-CBN News