Philippine shares made a rebound from the prior week’s corrections, ending slightly higher before the Christmas break.
“Local stock market players remain cautiously optimistic amid challenges caused by the initiation of its exit strategy by the US Federal Reserve as it sees more improvements in the economy, as well as the risk of rising inflation in Philippines,” Jonathan Ravelas, chief market strategist of BDO Unibank Inc., said in a text message.
The Philippine Stock Exchange index (PSEi) began the shortened trading week with a slight gain, rising a bit by 0.34 percent, or 19.75 points to 5,854.88. The wider all-shares index also capped the Monday’s trade on the green side, gaining a bit by 0.09 percent, or 3.07 points to 3,592.96.
“Market went up due to technical rebound,” Elizabeth Abadillo of Angping and Associates Securities Inc. said. Except for holding firms and services, majority of the sectoral indices managed to post slight gains. Financials went up 1.49 percent, or 20.89 points to 1,430. 86, followed by mining and oil, which gathered an additional 103.46 points, or 0.88 percent to 11,819.75. Next were industrial, which increased by 0.75 percent, or 64.21 points to 8,638.90, and property, which was positively flat at 0.08 percent, or 1.84 points to 2,178.83.
However, holding firms retreated by 0.33 percent, or 18.00 points to 5,420.83, while the services counter closed 0.10 percent lower, or 1.77 points to 1,840.50.
Total value turnover also stood thinner at P5.3 billion with decliners outnumbering advancers, 86 to 69. Thirty-four issues were unchanged. Some of the most actively traded stocks on Monday were SM Prime Holdings Inc., Union Bank of the Philippines, Metropolitan Bank and Trust Co., Ayala Land Inc., SM Investments Corp., BDO Unibank, International Container Services Inc., Universal Robina Corp., Ayala Corp., Alliance Global Group Inc. and Philippine Long Distance Telephone Co.
Stock market trading will go on holiday break this December 24 (Tuesday) and 25 (Wednesday). Trading resumes on December 26 (Thursday).