PH stocks mirror Wall Street trend

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The positive trend in Wall Street was reflected in the movement of Philippine shares during the first trading session of this week.

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The Philippine Stock Exchange index (PSEi) went up for the fourth straight session, rising by 0.52 percent, or 31.11 points to 6,042.25, while the wider all-shares index improved by 0.58 percent, or 21.47 points to 3,677.30.

Elizabeth Abadillo, analyst at Angpin and Associates Securities Inc., said that local stocks went up for the first trading session of the week, because of bargain-hunting as well as the positive movement in Wall Street.

“Favorable movements on Wall Street seem to signal risk aversion is overcausing investors to take on risk. Earnings report could help boost share prices also,” Jonathan Ravelas, chief market strategist of BDO Unibank Inc., said in a text message.

Except for property, which had a 0.04-percent drop, or 0.84 points to 2,287.12, majority of the sectoral indices also managed to end in the green.

Mining and oil had the largest increase, advancing by 1.40 percent, or 189.94 points to 13,741.22, followed by services, which had a gain of 1.10 percent, or 20.37 points to 1,871.07.

Holding firms also improved, climbing by 0.77 percent, or 41.74 points to 5,447.85, while industrial ascended by 0.49 percent, or 43.83 points to 8,905.79. Financials was flat with an additional 1.98 points, or 0.13 percent to end at 1,497.19.

Total value turnover almost remained the same at P5.9 billion, while gainers remained ahead of losers, 82 to 63.

Some of the most actively traded stocks on Monday were Cosco Capita Inc., Universal Robina Corp., Ayala Corp., Philippine Long Distance Telephone Co., Metropolitan Bank and Trust Co., Bank of the Philippine Islands, SM Investments Corp., Security Bank Corp., LT Group Inc. and Energy Development Corp.

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