Philippine stocks finished Monday’s trade higher as investors hunted for bargains following the benchmark index’s dips last week, with sentiment buoyed by firmer regional markets after Wall Street’s rebound on Friday.
Harry Liu, Summit Securities Inc. president, said in a text message that a technical rally lifted the benchmark index after last week’s losses.
“The market discounted a bit [last week]because of past global and local news. It is on a technical rally today,” Liu said.
Liu said the market may undergo a short-term consolidation but “overall, the long term is intact.” He sees support at 6,850 points “and resistance is still at 7,000” while the market awaits new developments to provide direction, such as the midyear corporate earnings results.
The Philippine Stock Exchange index (PSEi) gained 21.81 points or 0.32 percent to 6,874.26, while the broader All Shares index added 13.62 points or 0.33 percent to 4,119.99.
Sectoral indices were mixed. Mining and oil posted the biggest gain while financials and property were marginally lower.
Mining and oil added 171.01 points or 1.03 percent to 16,838.42 while industrials added 92.56 points or 0.90 percent to 1,651.14. Holding firms were up 17.56 points or 0.28 percent to 10,386.55 and services inched up by 11.67 points or 0.56 percent to 2,085.93.
Financials slipped 0.48 points or 0.03 percent to 1,651.14 while property was down 4.38 points or 0.17 percent to 2,604.42.
Among the most actively traded stocks, BDO Unibank Inc. was unchanged at P90.90 apiece while the gainers included PLDT (up 0.40 percent at P3,040 per piece), Philex Mining Corp. (up 3.21 percent at P12.22), Vista Land and Lifescapes Inc. (up 0.34 percent at P5.92), and LT Group Inc. (up 5.30 percent at P16.70).
The day’s biggest losers included Alliance Global Group Inc. (down 1.61 percent at P27.55 apiece), SM Investments Corp. (down 0.39 percent at P771), Security Bank Corp. (down 0.34 percent at P118.60 per share), Ayala Land Inc. (down 0.49 percent at P30.70 per share) and Metropolitan Bank and Trust Company (down 0.22 percent at P89.90 per share).
Advancers outnumbered decliners 90 to 85 while 47 shares were unchanged. Shares traded totaled 1.076 billion valued at P5.444 billion.
On Friday, the PSEi was down 14.29 points or 0.21 percent at 6,853.07 while the All Shares index was also down 6.21 points or 0.15 percent at 4,106.37 as geopolitical concerns dampened sentiment following the shooting down of a Malaysia Airlines plane over Ukraine and the ongoing conflict in Gaza, among others.