Philippine share prices opened the week firmer largely on the back of the strong performance of blue chip companies while the rest of the market lacked a clear trading direction.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.51 percent or 37.35 points to close at 7,331.73, while the All Shares index increased 0.22 percent or 9.55 points to 4,306.45.
A market source said that the market was “relatively strong today” given the average trade volume and lack of clear leads.
Joyce Anne Ramos, equity analyst at AB Capital Securities Inc., said in a text message that the market lacked sufficient catalysts to make any significant advance but some big stocks such as Ayala Land Inc. put in a good performance.
“The market was pushed today by Ayala Land Inc. [ALI]—the stock went up 14.99 points; SM Investments Corp. [SMIC], up 13.16 points; and JG Summit Holdings Inc. [JG Summit], up 10.36 points,” Ramos said.
“Unfortunately, not much action was seen as there’s no significant catalyst to move the market. Tomorrow, market participants will be looking at the IPO [initial public offering]performance of Xurpas Inc.,” she added.
Sectoral indices ended mixed on Monday, with the decliners including financials, 0.25 percent or 4.21 points at 1,711.87; industrials dipped by 0.03 percent or 3.78 points to 11,925.95; and mining and oil dropped by 1.91 percent or 307.45 points to 15,760.61.
Advancers were holding firms, up 0.91 percent or 57.64 points at 6,413.10; services increased 0.21 percent or 4.59 points to 2,168.13; and property climbed 1.10 percent or 31.09 points to 2,860.96.
Most active companies were Bloomberry Resorts Corp. and newcomer Phoenix Semiconductors Philippines Corp., both ending flat, while losers included SM Prime Holdings Inc., Ayala Corp., and BDO Unibank Inc., and gainers were Universal Robina Corp., PLDT and Southeast Asia Cement Holdings Inc. aside from SMIC, ALI, and JG Summit.
Volume was relatively light at 3.16 billion, valued at P7.06 billion. Decliners outnumbered advancers, 118 to 62, while the unchanged stood at 41 shares.
On Friday, the Philippine Stock Exchange index was up 0.40 percent or 29.04 points at 7,294.38, while the wider All Shares index also increased by 0.40 percent or 16.93 points to 4,296.90.