PSEi back above 6,900 pts
The Philippine Stock Exchange index (PSEi) was back above the 6,900-points mark on Monday, mirroring the recovery in overseas markets and with sentiment further lifted by a raft of upbeat corporate earnings results.
The PSEi was up 76.32 points or 1.11 percent at 6,956.66, while the broader All Shares index added or 34.58 points or 0.84 percent to 4,163.68.
Richard Anthony Liboro, BPI director, told The Manila Times the market took its cue from the gains in overseas equity markets, particularly the U.S., as well as the upbeat earnings announcements by a number of big firms.
Among those who announced earnings on Monday were Ayala Land Inc., Megaworld Corp., Century Pacific Food Inc., San Miguel Corp., and Metropolitan Bank and Trust Company.
Wall Street’s rebound on Friday also perked up sentiment. The Dow Jones was up 185.66 points or 1.13 percent at 16,553.93, the S&P 500 gained 22.02 points or 1.15 percent to 1,931.59, while Nasdaq was flat at 4,370.90
“It is all due to positive global news, the US markets essentially. Also the corporate earnings data release. The data have been generally positive,” he said.
Liboro said that the market may breach the 7,000-mark this week given Monday’s strong finish.
“For this week, it will be dependent on different factors, mainly the global news flow and corporate earnings,” Liboro said. ”Positive news will be supportive of the market and corporate earnings should be the catalyst for the uptrend this week,” he added.
All sectoral indices finished higher. Financials went up 8.22 points or 0.50 percent to 1,645.84 and industrials added 56.31 points or 0.53 percent to 10,612.37.
Holding firms advanced 66.53 points or 1.08 percent to 6,243.38 while services went up 33.13 points or 1.59 percent to 2,120.52
Mining and oil gained 82.95 points or 0.48 percent to 17,450.90 and property added 30.45 points or 1.18 percent to 2,613.70
The 10 most-actively traded stocks all ended in the green, including JG Summit Holdings Inc., PLDT, Globe Telecom Inc., Ayala Land, SM Investments Corp., BDO Unibank Inc., Ayala Corp., Universal Robina Corp., SM Prime Holdings Inc. and Bank of the Philippine Islands.
Gainers outnumbered losers 104 to 73, while 43 shares were unchanged.
On Friday, the benchmark index dropped by one percent on geopolitical concerns over rising Ukraine and Iraq tensions which triggered profit-taking. The PSEi plummeted 74.87 points or 1.08 percent to 6,880.34, while the All Shares index lost 37.40 points or 0.90 percent to 4,129.40.