For the first trading of 2014, Philippine shares found itself going back to the 5,900-level as optimism toward the new year stirred investor interest.
On Thursday, the Philippine Stock Exchange index (PSEi) climbed by 1.60 percent, or 94.43 points to 5,980.26, while the broader all-shares index went up by 1.23 percent, or 44.51 points to 3,658.83.
Jun Calaycay, Accord Capital Equities Corp. analyst, said that local share prices posted its best start since the 5.4-percent gain recorded in the first session of January 2009.
“The main measure for Philippine equities jumped 33.89 points off the opening bell, coincidentally its lowest for the day and headed north thenceforth, ending the morning session with gains of 1.13 percent.”
The trend carried over to the balance of the afternoon session with the index eventually posting a 1.60-percent advance,” he said.
“This beats the 1.2 percent recorded on the first trading year of 2013, and sustains the rising opening day gains since 2011’s 0.3 percent which doubled to 0.60 percent in 2012. There has only been two poor starts of -0.10 percent and -1.6 percent in the last seven years,” Calaycay added.
Also, all the sectoral indices ended on the green side with only two registering small gains.
The property counter had the largest increase, surging by 2.29 percent, or 50.53 points to 2,255.98, followed by financials, which recorded a 2.28-percent rise, or 32.53 points to 1,460.53. Industrial advanced by 2.19 percent, or 190.33 points to 8,880.70, and holding firms went up by 1.18 percent, or 63.89 points to 5,493.37.
Mining and oil, however, had minimal gains below 1 percent, ending the Thursday trade with 0.76-percent improvement, or 90.08 points to 12,008.02, while services went up only by 0.46 percent, or 8.53 points to 1,874.57.
Market breadth stayed widely positive the entire trading day, but value turnover was thin at P3.9 billion. Advancers outnumbered decliners, 105 to 36.