Local shares closed higher on the first trading day of the week on end-quarter window dressing activity, supported further by hopes that China’s government may implement measures to stimulate its economy.
The benchmark Philippine Stock Exchange index (PSEi) rose 1.09 percent, or 69.09 points, to 6,428.71, while the wider all-shares index advanced 1.06 percent, or 40.82 points, to 3,876.02.
All other sectoral indices ended higher, with the mining and oil sector posting the highest gain as it surged 2.29 percent, or 330.54 points, to 14,762.60.
BDO Unibank chief market strategist Jonathan Ravelas said China economic stimulus hopes have lifted Asian markets, including the local bourse.
“End-quarter window dressing also helped push local shares higher,” he said.
“Window dressing” refers to the practice of sprucing up a fund manager’s stocks portfolio by selling down towards the end of a quarter poor-performing shares and buying up high-flying stocks.
Industrial counters surged 1.62 percent, or 156.63 points, to 9,826.91, while properties rose 1.41 percent, or 34.50 points, to 2,483.92. Holding firms also posted gains, rising 60.96 points, or 1.05 percent, to 5,844.30, while services firms advanced 0.47 percent, or 9.0 points, to 1,939.94. Financials went up 0.21 percent, or 3.22 points, to 1,507.69.
Some 1.2 billion shares, worth P9.9 billion, were traded, with gainers outpacing losers 95 to 59.
Among the top gainers were Universal Robina Corp. (up 3.65 percent to P142 per share), Ayala Corp. (up 2.21 percent to P578), JG Summit Holdings Inc. (2.06 percent higher to P49.50), DMCI Holdings Inc. (up 1.45 percent to P70), Semirara Mining Corp. (up 4.75 percent to P410.0), Robinson Land Corp. (up 4.04 percent to P21.90), Bloomberry Resorts Corp. (up 3.51 percent to P10.04), and Manila Electric Co. (up 2.16 percent to P285).
On Friday, the PSEi advanced 0.7 percent, or 43.93 points, to 6,359.62, while the wider all shares index rose 0.55 percent, or 20.97 points, to 3,835.20.