Amid lingering global worries, Philippine shares concluded the first trading session of the week with slight gains, somehow benefiting, together with other Asian bourses, from the better-than-expected exports data from China.
The Philippine Stock Exchange index (PSEi) gained 0.38 percent on Monday, or 22.42 percent to close at 5.997.04. The wider all-shares barometer gained 0.38 percent, or 13.76 points to 3,673.49.
“A discernable shift toward optimism continues to visit upon the market as the week opened. Still, the pace remains rather slow, evidencing a hangover of hesitation ahead of the crucial [US] Federal Reserve meeting two weeks henceforth,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
Overseas, Asian markets were trading higher through the first half of the day’s session, with only Ho Chi Minh stocks posting marginal losses. China’s exports data increased 7.2 percent in August.
Also, the local sectoral indices managed to settle on the green side, with industrial going up by 0.69 percent, or 63.40 points to 9,303.92, followed by holding firms, which advanced by 0.66 percent, or 34.87 points to 5,291.22.
Mining and oil, on the other hand, improved by 0.56 percent, or 73.69 points to 13,331.39, while financials expanded by 0.31 percent, or 4.48 points to 1,451. Services increased by 0.09 percent, or 1.75 points to 1,912.56, while property grew 0.08 percent, or 1.81 points to 2,235.46.
Some of the most actively traded stocks were Ayala Land Inc., SM Investments Corp., Ayala Corp., Philippine Long Distance Telephone Co., Universal Robina Corp., Metropolitan Bank and Trust Co., Manila Electric Co., BDO Unibank Inc., Jollibee Foods Corp. and SM Prime Holdings Inc.