Local shares advanced on Monday on the back of optimism in other regional markets as well as on positive sentiment that prevailed on Wall Street last week following the release of healthy US jobs data.
The benchmark Philippine Stock Exchange index (PSEi) gained 23.23 points (0.29 percent) to close at 7,993.58. The broader All Shares index advanced 16.75 points (0.35 percent), ending at 4,757.70.
US markets were in positive territory on Friday, with the Dow Jones Industrial Average increasing by 1.04 percent or 191.48 points to 18,543.53, S&P 500 inching up by 0.86 percent or 18.62 points to 2,182.87, and tech-heavy Nasdaq jumping 1.06 percent or 54.87 points to 5,221.12.
RCBC Securities’ Ralph Christian G. Bodollo said, foreign investors were mostly selling on Monday, logging a total of P259-million net selling, with PLDT experiencing the heaviest outflow.
Out of the six sectoral indices, two fell —services down by 0.99 percent, and the mining and oil index declined by 0.62 percent—while four others were gained.
Among the actively traded stocks, SM Prime Holdings ended flat, while Megaworld Corp., Aboitiz Power Corp., Bank of the Philippine Islands, Robinsons Retail Holdings Inc., and Metropolitan Bank and Trust Company moved up.
Losers of the day included PLDT and Globe Telecom Inc. They seem to have been affected by the news that the National Telecommunications Commission (NTC) is eyeing a third telco player.
Total turnover was P6.983 billion with gainers outpacing losers 100 to 90, while 53 issues remained unchanged.