Philippine shares sustained their positive momentum for the second straight days after major markets outside the country showed continuous improvements.
Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview that the market continues to enjoy positive improvements abroad.
“The market extended yesterday’s [Wednesday] gains as investors showed some signs of optimism as US stocks recovered from a prior session’s slump. Bourses in the region teetered between gains and loses, as participants sought a balance between current and expected valuations. Individual corporate stories provided additional impetus,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
The Philippine Stock Exchange index (PSEi) continued its minor uptrend, increasing by 0.40 percent, or 24.12 points to 5,982.24, while the wider all-shares index went up by 0.38 percent, or 13.83 points to 3,649.40.
“The PSEi once more narrowed the distance from the near-term, but apparently strong 6,000-[point]resistance. All sectors were in the green excepting the mining and oil group, the latter possibly caving in to the weight of profit taking following a largely bullish start to the year,” Calaycay said.
Majority of the sub-indices also posted improvements except for mining and oil, which went down by 0.87 percent, or 114.18 points to 13,057.87, and property, which shed 0.08 percent, or 1.88 points to end at 2,271.98.
Industrial, meanwhile, ended with the largest gains, rising by 1 percent, or 89.07 points to 9,025.65, followed by financials, which increased by 0.65 percent, or 9.34 points to 1,445.94. Holding firms also inched up, gaining 0.44 percent, or 23.92 points to 5,430.24, while the services counter had a 0.18-percent improvement, or 3.45 points to 1,877.61.
Total value turnover, however, relatively stayed the same at P5.5 billion, with advancers beating decliners, 93 to 61. Forty-five issues were unchanged.
Some of the actively traded stocks on Thursday were Ayala Corp., Metropolitan Bank and Trust Co., Philippine Long Distance Telephone Co., Alliance Global Group Inc., Ayala Land Inc., Macroasia Corp., LT Group Inc., SM Prime Holdings Inc., International Container Services Inc. and BDO Unibank Inc.
After a slight correction on Tuesday, Philippine shares ended the mid-week session on a positive note because of the overnight recovery in US stocks.
The PSEi managed to recover quickly on Wednesday, rising a bit by 0.38 percent, or 22.56 points to 5,958.12, while the wider all-shares barometer went up 0.40 percent, or 14.32 points to 3,635.57.