Philippine shares ended higher on Monday, rebounding from three days of losses last week, with investor sentiment supported by firmer markets in the region.
Analyst Jun Calaycay of Accord Capital Equities Corp. said the rise in Asian markets lifted Philippine stocks while investors ignored the “fresh numbers out of China that lent further credence to concerns the economy is slowing.”
Though Monday’s trading ended on a positive note, Calaycay said investors are still on a “selling mode” as the index barely reached the 6,400 mark. He noted that turnover was still thin and market spread was still negative with losers outpacing gainers.
“This suggests that buying was limited to a select group of issues while the general market continued to be on a ‘sell’ mood,” Calaycay said.
“These numbers put Tuesday’s trade as an important determinant on whether the index can push substantially past 6,400 or head lower again. Support lies at the 6,300 to 6,330 range,” he added.
The Philippine Stock Exchange index (PSEi) ended Monday up 61.41 points or 0.97 percent at 6,400.67, while the broader all shares index inched up 21.46 points or 0.56 percent at 3,891.73.
Only the property counter ended slightly lower, slipping 0.59 points or 0.02 percent to 2,427.22.
Meanwhile, financials gained 8.16 points or 0.53 percent to 1,533.75 while industrials went up 13.89 points or 0.14 percent to 9,855.91. Holding firms rose 88.12 points or 1.53 percent to 5,851.31.
Mining and oil climbed 60.79 points or 0.42 percent to 14,579.99, and services rose 19.85 points or 1.05 percent to 1,914.76.
The most active issues either gained or ended flat in Monday trading, with Metrobank and Universal Robina Corp. staying at P80 and P140.50.
Among the active gainers were BDO Unibank, up by 1.34 percent at P83.1; PLDT, up by 1.04 percent at P2,708; JG Summit Holdings Inc., up by 3.19 percent at P48.50; DMCI Holdings Inc., rising by 2.13 percent to P69.45; and Ayala Corp., gaining by 0.62 percent to P566.
Other active gainers were International Container Terminal Services Inc., up 1.07 percent at P103.50; Megaworld, up 0.49 percent at P4.10; and Alliance Global Group Inc., up 3.04 percent at P28.8.
Decliners outnumbered advancers 83 to 75, with 47 stocks unchanged. Trading volume was at 2.9 billion shares valued at P6 billion.
On Friday, the PSEi went down 78.09 points or 1.22 percent to 6,339.26, while the wider all shares index also dropped 32.57 points or 0.84 percent to 3,840.27.