For the fourth straight trading day, Philippine shares surged on Tuesday on positive global and local news, with the main index hitting a high of 6,800 points before giving up some gains at the close as profit-taking set in.
Astro del Castillo, managing director of First Grade Finance Inc. , said over the phone that foreign and local buying continues with companies trying to catch up with the market run.
“There’s still positive news coming from the local side and overseas,” Del Castillo added.
The Philippine Stock Exchange index (PSEi) settled at 6,784.95, up 17.44 points or 0.26 percent, but off the day’s high of 6,815.26. Still, this was the highest closing level for the local stock market this year.
According to Del Castillo, the market’s return to the 6,700 level may signal that profit-taking will be the norm in the next few days given the recent market run-up.
The wider all shares index also went up by 11.14 points or 0.27 percent to 4,074.91.
Except for property, which shed 1.30 points or 0.05 percent to end at 2,661.80, the rest of the sectoral indices ended higher.
Holding firms added 43.44 points or 0.71 percent to close at 6,189.26, while mining and oil made climbed 89.09 points or 0.57 percent to 15,637.30. Financials gained 4.42 points or 0.27 percent to 1,621.83, while services went up by 4.64 points or 0.23 percent to 2,018.88. Industrial rose 9.14 points, or 0.09 percent to 10,130.05.
Total volume turnover was 1.02 billion shares worth P10.36 billion.
Some of the top gainers on Tuesday were SM Investments Corp., up 1.15 percent at P746.50 per share; Megaworld Corp., which rose 2.4 percent to P4.57; Alliance Global Group Inc., whose share price climbed 2.21 percent to P30.10; Metro Pacific Investments Corp., up 1.35 percent at P5.26; and Nickel Asia Corp., which surged 2.35 percent to P24.00.
On Monday, Philippine shares broke past the 6,700-mark for the first time in nine months with sentiment lifted by positive global developments.
The PSEi surged to 6,767.51 on Monday, up 96.33 points or 1.44 percent, while the broader all shares gained 50.74 points or 1.26 percent to close at 4,063.77.