The benchmark stock index closed in positive territory for a second day on Tuesday, mirroring the mild optimism of markets abroad.
The Philippine Stock Exchange index (PSEi) gained 10.50 points or 0.15 percent to close at 7,068.03, while the All Shares likewise added 3.48 points to 0.08 percent to 4,177.23.
Many investors stayed on the sidelines, awaiting the central bank’s Monetary Board meeting on Thursday. The increase in the market was mostly attributed to the positive ending for global markets last week.
On Friday, the Dow Jones posted modest gains, up 19.26 points, while the S&P 500 rose 17.25 points and Nasdaq advanced 57.64 points.
Jason Escartin, investment analyst at F. Yap Secuities Inc., said that the main PSEi was up on positive sentiment from overseas, regaining some of the losses from the past few weeks.
“Traders recouped losses incurred in previous sessions, as sentiment trails better-than-expected economic data in the US,” Escartin said.
“Some investors positioned ahead of the local Monetary Board’s meeting this Thursday, aside from the fourth quarter window dressing,” he added.
Escartin said that aside from the US markets, the 25-percent increase of the allocation for shares by the Japanese Government Pension Investment Fund’s also fueled the positive view in the regional markets.
“We saw a slight spillover from the declared 25 percent allocation in Japanese equities by GPIF,” he said.
Only the property counter declined among the sectoral indices, closing down 1.22 percent or 33.50 points at 2,718.09.
The rest were gainers led by the services index, up 0.85 percent or 18.12 points to 2,154.56; financials went up 0.37 percent or 6.05 points to 1,657.80; industrials advanced by 0.30 percent or 33.78 points to 11,335.52; holding firms inched up 0.17 percent or 10.72 points to 6,155.37; and mining and oil advanced 0.32 percent or 50.14 points to 15,728.02.
Among the actively traded issues, Ayala Land Inc., Alliance Global Group Inc. and Island Information and Technology Inc. lost on Tuesday’s session.
The top gainers, on the other hand, were PLDT, Energy Development Corp., BDO Unibank Inc., Bloomberry Resorts Corp., Security Bank Corp., Petron Corp., and Metropolitan Bank and Trust Company.
Valuations remained high at P7.12 billion with 7.66 billion shares traded.
Advancers were slightly ahead of decliners, 89 to 87, while 46 shares did not change.
On Monday, the main PSEi advanced 0.78 percent or 54.31 points to 7,057.53, while the wider All Shares went up 0.57 percent or 23.47 points to 4,173.75.