The local stock market traded slightly higher to open the week on a positive note after local companies released their end-2013 financial results.
The Philippine Stock Exchange index (PSEi) opened the week on a positive note, rising by 0.89 percent, or 54.16 points to 6,167.82, while the wider all-shares index went up by 0.76 percent, or 28.05 points to 3,733.61.
“The PSEi breached the 6,170 [-point] interim resistance with relative ease, but found failed to muster enough momentum to convincingly push past the line. It stayed level practically from that point onwards. It slid marginally under the line at the close,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
According to him, favorable lending numbers from China added fodder to Dow Jones’ 126-points Valentine Day surge, carrying the momentum of last week’s 1.71-percent advance by the PSEi into the first session for this week.
Also, early earnings reports by domestic firms fell in line with expectations, Calaycay added.
All the sectoral indices also ended on the green side with mining and oil having the largest advancement, rising by 1.85 percent, or 254.68 points to end at 14,021.23, while industrial climbed by 1.55 percent, or 142.45 points to 9,308.78.
Next to them were financials, which went up by 1.12 percent, or 16.92 points to 1,532.28, while services expanded by 1.18 percent, or 22.08 points to 1,893.96. Holding firms increased by 0.44 percent, or 24.52 points to 5,542.32, while property gained 0.41 percent, or 9.34 points to 2,309.88. Total value turnover improved to P6.6 billion with advancers edging decliners, 97 to 54.
Some of the most actively traded stocks were Metropolitan Bank and Trust Co., SM Investments Corp., Universal Robina Corp., BDO Unibank Inc., Philippine Long Distance Telephone Co., Bank of the Philippine Islands, Energy Development Corp., Alliance Global Group Inc., Ayala Corp. and SM Prime Holdings Inc.