Extended gains across Asia lift PH shares

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THE local stock market rose on Monday as it mirrored the gains of its Asian peers, with the main index climbing back to the 6,800-points level after sluggish trading last week.

“Stocks across Asia started off the week on an encouraging note, with the regional benchmark extending last week’s gains,” Accord Capital Equities Corp. analyst Justino Calaycay said.

Asian stocks were higher on Monday after US jobs data and Chinese export figures reinforced a brighter outlook for the global economy, wire agencies reported.

The Philippine Stock Exchange index (PSEi) advanced 40.11 points or 0.59 percent to 6,802.73, while the broader all shares gained 15.04 points or 0.37 percent to 4,088.32.


“The PSEi jumped higher at the opening bell and maintained the trajectory throughout the session, even making a brief breach of the 6,800-mark entering the final hour of the morning session,” Calaycay said.

Some profit-taking pulled the measure back to below the line through most of the afternoon trade but a final push at the run-off closed the index at 6,802.73, erasing all losses sustained in the last three days.

Most of the sectoral indices were higher although financials and oil and mining slipped. Financials lost 1.83 points or 0.12 percent to 1,594.87, while mining and oil erased 16.32 points or 0.10 percent to 15,639.48.

Holding firms, on the other hand, added 49.94 points or 0.81 percent to 6,215.35, followed by property, which advanced 19.37 points or 0.74 percent to 2,647.50. Services also went up by 6.78 points or 0.33 percent to 2,043.06, while industrials rose 29.40 points or 0.28 percent to 10,395.96.

The total volume of shares traded stood at 4.6 billion worth P6.2 billion. Advancers beat decliners 98 to 73, while 47 stocks were unchanged.

Some of the most actively traded stocks on Monday were Megaworld Corp., down 0.22 percent at P4.60; Energy Development Corp., up 2.07 percent at P6.42; Universal Robina Corp., up 1.31 percent at P154.80; and Ayala Corp., up 0.71 percent at P640.

On Friday, the local barometer slipped 9.82 points or 0.14 percent to 6,762.62 as investors turned skittish following the release of May inflation data which was the highest in 29 months. The wider all shares index also fell 3.90 points or 0.10 percent to 4,073.28.

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