PSEi climbs 1.29% to 6,581 points, Mining and Oil leads gains

Philippine stocks continued their positive trend on Thursday with the PSEi rising by 1.29 percent to 6,581.00 points due to bargain hunting and stabilization of regional markets.

The All Shares index also climbed by 1.07 percent to 3,976.83 points.

Most sectoral gauges showed gains with Mining and Oil leading at 2.75 percent followed by Holding Firms at 2.24 percent, Property at 1.24 percent, Industrial at 0.92 percent, and Services at 0.35 percent.

Trading volume increased to PHP6.1 billion with 2.49 billion shares traded compared to Wednesday's turnover of P21.32 billion and 9.27 billion issues.

Value turnover soared due in part to the debut of DoubleDragon Properties Corp.'s real estate investment trust (REIT), which closed at its initial public offering price despite starting slightly higher.

The peso remained stable against the US dollar at 48.58 from 48.665 a day earlier.