MINING issues propped up the otherwise tepid trading on Monday at the stock market.
The Philippine Stock Exchange index (PSEi) increased by 0.19 percent or 13.64 points to 7,139.27, while the wider All Shares index was up 0.39 percent or 16.52 points to 4,212.33.
US markets were also up mainly on the increase in prices of US crude oil by 1 percent to $57.69 per barrel. The Dow Jones gained 26.65 points, S&P 500 added 9.42 points, and Nasdaq went up 16.98 points.
Joyce Anne Ramos of AB Capital Securities Inc. said the 1.76-percent surge in Mining and Oil index .
Punters see positive impact on local nickel exports by the ban in Indonesia.
Nickel Asia Corp’s price rose 6.45 percent and Marcventures Holdings Inc.’s posted a higher increase of 9.58 percent.
“We expect tomorrow’s volume to remain weak with slight upside due to yearend window dressing,” she added.
Jonathan Ravelas, BDO Unibank chief market strategist, said that next year is seen to trade within the 6,500 to 8,000 points range given the positive economic activities ahead next year and the election spending.
“Year end target for 2015 is at 7,800 points,” Ravelas said.
Among the subindices, only Property declined by 0.70 percent or 19.45 points to 2,750.82 on the 1.05-percent slide in ALI stocks. However, the rest of the sectoral indices were up led by Mining and Oil, up 1.76 percent or 269.95 points to 15,617.56; while Financials increased by 0.22 percent or 3.74 points to 1,681.28; Industrial inched up by 0.15 percent or 17.52 points to 11,834.88; Holding Firms improved 0.85 percent or 52.45 points to 6,242.47; and Services rose by 0.26 percent or 5.47 points to 2,093.15.
The actively traded stocks include ALI that lost, URC that ended flat and the others that increased: TEL, NIKL, AGI, VLL, EDC, FGEN, RFM, and DMC.
Shares volume on Monday totaled to 2.54 billion, valued at P13.21 billion. Advancers were up against decliners—107 to 67 —while the unchanged was at 36.
On Friday, the Philippine Stock Exchange index (PSEi) climbed 1.37 percent or 96.35 points to 7,125.63; while the wider All Shares went up 1.09 percent or 45.25 points to 4,195.81.