The Philippine benchmark index (7,971.72, +0.11%) closed higher, albeit ending below its intraday peak. Overall market breadth, however, was negative with losers outnumbering gainers two to one. The sub-indices were mixed for the session. The property sector (3,800.11, +0.73%) outperformed its peers mainly due to ALI (43.20, +1.29%), which closed at a new 52-week high. MPI (6.84, +2.09%), which disclosed that it won the arbitration case regarding the implementation of tariffs for the rebasing period 2013 to 2017, pulled the holding companies index (7,906.13, +0.09%) higher, while the service sector (1,694.30, +0.06%) remained upbeat due to GLO (2,094.00, +2.15%), TEL (1,698.00, +0.47%), and ICT (107.80, +1.13%). The mining and oil index (12,849.09, -0.61%), meanwhile, dropped further as most of its constituent stocks retreated following President Rodrigo Duterte's criticism of mining companies in his State of the Nation Address yesterday. MBT (85.35, -3.01%) and BDO (122.20, - 1.05%) weakened the financial index (1,948.85, -0.73%) further, while JFC (217.80, -0.64%), EDC (5.81, -2.68%), FGEN (17.94, - 2.18%), and FPH (66.40, -2.21%) pulled the industrial sector (11,153.17, -0.36%) lower.
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