Wall Street’s ascent, which was influenced by the slowly fading worries brought about by the US government shutdown, has driven the main index toward a modest start for another trading week.
“We mirrored the bounce in Wall Street because of easing effects of the US government shutdown. Aside from that, most of the movement for today were ignited by holding firms and property stocks,” Abbygayle Estrela, equities analyst at AB Capital Securities Inc., said.
On Monday afternoon Manila time, the Dow Jones was trading upward at 0.51 percent, or 76.10 points toward 15,072.60, while the S&P 500 was trading higher at 0.71 percent, or 11.84 points to 1,690.50.
“For the next few days, I think we will have the next target at 6,500 [points]driven by the beginning of the fourth quarter and increasing investor appetite due to increasing IPOs [initial public offering]this October,” she said.
The Philippine Stock Exchange index (PSEi) started the week on a positive note, gaining a bit by 0.83 percent, or 52.73 points to 6,443.21, while the wider all-shares barometer shares climbed slightly by 0.73 percent, or 28.73 points to 3,882.52.
The PSEi also defied the trend in Asian markets which registered losses. Except for services, majority of the sectoral indices ended in the green, with holding firms managing to rise almost 2 percent, increasing by 1.86 percent, or 105.81 points to 5,803.51, while property gained 1.23 percent, or 30 points to 2,475.93.
Industrial, on the hand, advanced by 0.53 percent, or 49.09 points to 9,360.24, followed
by mining and oil, which went up by 0.49 percent, or 60.02 points to 12,351.01. Financials also went up a bit, gathering 7.06 points, or 0.45 percent to 1,588.90. Services, however, closed lower by 0.48 percent, or 9.80 points to 2,038.64.
Total value turnover was thin at P6.2 billion despite large gap between advancers and decliners, 90 to 51, in favor of gainers.
Some of the most actively traded stocks on Monday were Universal Robina Corp., SM Investments Corp., Alliance Global Group Inc., Metro Pacific Investments Corp., LT Group Inc., Security Bank Corp. and Ayala Land Inc.