Philippine shares gained for the fifth straight session Thursday, nearing the 6,900-level after overseas markets recovered a bit from an extensive correction.
Accord Capital Equities Corp. analyst Justino Calaycay indicated that the market went up after US stocks rose despite news that the US economy slowed in the first quarter of the year.
The Philippine Stock Exchange index (PSEi) went up for the fifth straight day, gaining 57.50 points, or 0.84 percent to close at 6,892.18, while the wider all shares gained 29.86 points, or 0.73 percent to reach 4,126.38.
“Despite relatively light leads, optimists prevailed in Thursday trades, pushing the PSEi even closer to the 6900 level. US stocks bucked data showing a first-quarter contraction, sending the Dow and S&P 500 higher,” Calaycay said.
The US economy missed estimates by a wide margin, shrinking at a 2.9-percent annualized rate due to weak spending, particularly on healthcare.
In the regional markets, Asian equities ended mostly higher.
All the local sectoral indices finished in positive territory with services making the largest advance, rising by 24.02 points, or 1.19 percent to 2,038.49, followed by mining and oil, which gained by 190.45 points, or 1.17 percent to 16,419.83. Industrial were up by 76.56 points, or 0.74 percent to 10,462.92, while financials added 10.86 points, or 0.67 percent to 1,640.10. Holding firms rose by 40.48 points, or 0.65 percent to 6,272.37, and the property sector increased by 14.62 points, or 0.55 percent to finish at 2,669.83.
Trading volume was nearly double that of the previous day’s session, with 3.4 billion shares worth P21.9 billion changing hands. Advancing issues outnumbered decliners, 110 to 74, while 40 were unchanged.
Philippine Long Distance Telephone Co. was again one of the day’s most active stocks, up 2.00 percent to P2,958; Universal Robina Corp., gained 1.24 percent to P155; Ayala Land Inc. rose by 0.32 percent to P31.40; and SM Investments Corp. gained 0.67 percent to close at P832.
In mid-week trade, PSEi settled at 6,834.68, rising 41.61 points, or 0.61 percent, while the wider all shares had additional 22.58 points, or 0.55 percent to 4,096.52.