The local stock market went up further on Tuesday after optimism within global markets influenced Philippine shares anew.
“The market went up, driven by the recovery of [the]Dow Jones,” Harry Liu, president of Summit Securities Inc., said, adding that the local trend still remains in consolidation despite little improvements.
The Philippine Stock Exchange index (PSEi) went up for the fifth straight session, climbing by 1.06 percent, or 63.78 points to 6,106.03, while the broader all-shares index climbed by 0.90 percent, or 33.01 points to 3,710.31.
“The PSEI is coming off two successive weeks of losses and expectations are thick. The onset of the earnings season should provide some reprieve from the prevailing headwinds,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
All the sectoral indices also went up with the property counter having the largest advance, gaining 1.54 percent, or 35.22 points to 2,322.34, followed by holding firms, which increased by 1.19 percent, or 64.74 points to close at 5,512.59.
Services gained 1.08 percent, or 20.17 points to 1,891.24, and mining and oil which had a 0.95-percent gain, or 130.06 points to 13,871.28. Industrial also improved by 0.80 percent, or 70.98 points to 8,976.77, while financials counter advanced by 0.59 percent, or 8.79 points to 1,505.98.
Market activity also improved with total value turnover standing at P6.8 billion, while gainers beat losers, 100 to 48. Some of the top gainers on Tuesday were SM Investments Corp., BDO Unibank Inc., SM Prime Holdings Inc., Ayala Corp., Ayala Land Inc., Megaworld Corp., Universal Robina Corp., Metropolitan Bank and Trust Co., International Container Terminal Services Inc., DMCI Holdings Inc. and Robinsons Land Corp.
On Monday, the PSEi went up for the fourth day, rising by 0.52 percent, or 31.11 points to 6,042.25, while the wider all-shares index improved by 0.58 percent, or 21.47 points to 3,677.30.