MANILA, Philippines — Local share prices closed moderately higher for the second straight day on Friday ahead of major oil producers’ meeting on a plan to freeze output.
The benchmark Philippine Stock Exchange index (PSEi) increased 14.23 points to 7,247.20 from previous day’s 7,232.97 finish.
Major oil producers are likely to hold their meeting on April 17 to agree on an output freeze.
The market’s rally was led by services that surged 1.36 percent.
The mining and oil and financials lost slightly.
Value turnover reached Php6.55 billion after 850.69 million shares changed hands.
Advancers dominated decliners, 102 to 75, while 57 issues unchanged.
The day’s top active stocks were led by Ayala Land Inc., Universal Robina Corp., Security Bank Corp., SM Investments Corp. and SM Prime Holdings Inc. PNA/northboundasia.com