Equity investors continued to take cue from corporate earning reports on Tuesday that pushed the benchmark market index to nearly 6,200 points.
The Philippine Stock Exchange index (PSEi) rose by 0.42 percent, or 26.15 points to 6,193.97, while the broader all-shares index went up by 0.28 percent, or 10.60 points to end at 3,744.21.
“The momentum of the advance over eight in the last nine sessions remained intact with earnings providing the motive force to prop the market to a third consecutive day of advance,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
“At the close of trades, the PSEi has added 307.96 points, or 5.23 percent since hitting the most recent low at 5,886.01, both intra-day and close. This accounts for all of the total percentage gains of 5.16 percent on the year-to-date,” he added.
Except for the services counter, which fell 0.59 percent, or 11.20 points to 1,882.76, majority of the sectors managed to go up alongside the main index. Property had the biggest advance, climbing by 1.24 percent, or 28.55 points to 2,338.43, followed by mining and oil, which increased by 0.70 percent, or 98.82 points to 14,120.05. Holding firms also improved by 0.45 percent, or 25.05 points to 5,574.37, while the industrial counter had a 0.25-percent gain, or 23.04 points to 9,331.82.
Total value turnover almost remained the same at P5.8 billion. Gainers outnumbered losers anew, 89 to 73, while 33 issues were unchanged.
Some of the top gainers on Tuesday were Ayala Corp., Ayala Land Inc., Metropolitan Bank and Trust Co., Semirara Mining Corp., Jollibee Foods Corp., Manila Electric Co. and Globe Telecom Inc.
The local stock market ended with modest gains on the first trading session of this week, boosted by global markets advancing anew and the release of 2013 year-end financial results from PSE-listed companies.
The PSEi rose by 0.89 percent on Monday, or 54.16 points to 6,167.82, while the wider all-shares index advanced by 0.76 percent, or 28.05 points to 3,733.61.