The local stock market wasn’t only up for the sixth straight session, but it also registered its best trading day so far for this year.
“US stocks gained, China’s benchmark rates fell, and the IMF [International Monetary Fund] raised its global growth outlook while the turmoil in Bangkok continues. Philippine shares extended its run to a sixth day, its longest winning run since October last year,” Accord Capital Equities Corp. analyst Jun Calaycay said.
The Philippine Stock Exchange index (PSEi) managed to prolong its
morning rally on Wednesday’s trade, soaring by 2 percent, or 120.62 points to close at 6,139.86. The broader all-shares index also ended on a positive note with a 1.55-percent rise, or 56.67 points to 3,719.03.
“The index has not only validated the 6,000-point level but has breached through the 6,100-[point]mark. This type of an action raises the prospects of a near-term pullback on a more aggressive profit taking.
Nevertheless, it serves to add credence to the bulls’ propositions. We can fairly expect activity to pick up on the next decline, as investors shift from recognition and absorption of the realities of the day to action and response,” Calaycay said.
It was also a strong ending for the sectoral indices, as financials took the lead after ending the session with a 2.99-percent increase, or 43.87 points to 1,513.65, followed by the property counter, which surged by 2.06 percent, or 46.86 points to 2,316.74.
Next to them were services, which climbed by 1.93 percent, or 36.54 points to 1,933.00, and holding firms, which ended 1.74-percent higher, or 94.23 points to 5,513.09. Mining and oil also advanced, going up by 1.32 percent, or 180.56 points towards 13,875.35, while industrial advanced by 0.51 percent, or 46.18 points to 9,089.71.
Total value turnover ballooned to P8.3 billion with gainers clearly outnumbering losers, 114 to 60.
Some of the top gainers on Wednesday were SM Investments Corp., SM Prime Holdings Inc., Ayala Land Inc., BDO Unibank Inc., Metropolitan Bank and Trust Co., Robinsons Retail Holdings Inc., DMCI Holdings Inc., Metro Pacific Investments Corp., International Container Terminal Services Inc., JG Summit Holdings Inc. and Bank of the Philippine Islands.
On Tuesday, selective buying helped the local stock market stayed on the green side.
Specifically, the PSEi sustained its position above the 6,000-point level, rising by 0.23 percent, or 13.64 points to end at 6,019.24. The wider all-shares index climbed by 0.06 percent, or 2.19 points to 3,662.36.