Philippine shares went up on the first trading day of the week, continuing a positive momentum the local stock market established last week.
Philippine Stock Exchange index (PSEi) began the week on the green side with a 0.23-percent increase, or 14.55 points, settling above the 6,200-level toward 6,223.37. The wider all shares also inched up by 0.45 percent, or 16.98 points to 3,793.71.
“Anyone could have sworn the market will start off December on a weak footing on the basis of, among other things, 1) a correction following a four-session, 204.56-point [3.4 percent] run; 2) a marginal slide in US stocks; and 3) the weakness being shown by the Asian majors in early trades,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
“But the market appears to have chosen to take the path of history—or at least was seemingly conscious of it at the opening bell,” he added.
Except for holding firms and property, majority of the sectoral indices also settled on the positive side with services having the largest gain, climbing by 1.28 percent, or 24.57 points to 1,937.49, followed by the industrial, which went up by 0.63 percent, or 56.69 points to 8,988.06.
Mining and oil increased a bit by 0.18 percent, or 22.20 points to 12,290.70, while financials upped 0.03 percent, or 0.43 points to 1,513.99.
Property, on the other hand, plummeted by 0.63 percent, or 15.44 points to 2,427.28, while holding firms, went down by 0.14 percent, or 8.17 points to 5,646.55.
Total value turnover was also thin at P5.34 billion, with advancers outnumbering decliners, 79 to 63.
Some of the most actively traded stocks on Monday were Philippine Long Distance Telephone Co., SM Investments Corp., Ayala Corp., JG Summit Holdings Inc., Ayala Land Inc., Metro Pacific Investments Corp., Metropolitan Bank and Trust Co., Emperador Inc., Universal Robina Corp., DMCI Holdings Inc. and Filinvest Land Inc.