THE PSEi bounced back to the 6,600 level as investors start taking positions for the new year in the absence of fresh leads for market after the Christmas holiday.
The PSEi climbed by 1.44 percent or 94.53 points to 6,658.20, while the All Shares went up by 1.20 percent or 48.10 points to 4,070.60.
“Investors are simply taking positions ahead of the New Year, given the absence of fresh leads – and none are expected in the remaining days. Even the sellers seem to have taken their vacation,” Justino Calaycay Jr., head of marketing and research of A&A Securities Inc., told The Manila Times.
It wasn’t a Christmas cheer, just a result of the absence of the sellers in the market, he said.
“I’d probably guess that the sellers didn’t come to the market today, either because they are al-ready on vacation or that they have already done their jobs,” he said.
Calaycay is taking a neutral stance for now, given the lack of volume in the market.
“It would probably be more of the same for the remainder of the year – thin volumes. As for 2017, well it is still quite uncertain,” Calaycay said, citing the tendency of investors and fund managers to take a wait-and-see stance regarding 2017 trading.
The Mining and Oil index declined by 0.86 percent, while the rest of the market registered gains led by the Industrial index’s 2.29 percent climb.
Cirtek Holdings Philippines Corp., Security Bank Corp., and First Gen Corp. were the actively traded losers, while BDO Unibank Inc., JG Summit Holdings Inc. and Metro Pacific Invest-ments Corp. registered gains.
More than 491.5 million shares, worth P3.28 billion, were traded. Advancers outnumbered de-cliners, 90 to 78, while 57 issues were unchanged.
On Friday, the benchmark PSEi fell by 0.36 percent or 23.50 points to 6,563.67, while the All Shares skidded by 0.62 percent or 25.18 points to 4,011.32.
Only two trading days are left for 2016 –December 28 and 29. The market is closed on for Fri-day, December 30, for Rizal Day. The first trading day of 2017 is on Tuesday, January 3.