PSEi surpasses 6,000-point level

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Philippine shares finally pierced through the 6,000-point level despite absence of leads.

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On Monday, the Philippine Stock Exchange index (PSEi) closed past 6,000 points for the first time this year, gaining 18.51 points, or 0.31 percent to finish at 6,005.60. The wider all-shares index also made gains, or 5.07 points, or 0.14 percent to 3,660.17.

“As has been the trend so far this year, investors open the trading week on a positive note. For only the second time so far, the PSEi broke into the 6,000-[point]line early in the day, struggled to keep the level and eventually closed above it for the first time this year,” Accord Capital Equities Corp. analyst Jun Calaycay said.

Also, all the sectoral indices moved up higher with mining and oil having the largest increase, surging by 2.25 percent, or 293.76 points to 13,328.18.

Next to mining and oil were financials, which rose by 0.55 percent, or 7.93 points to 1,455.87, and services, which went up by 0.22 percent, or 4.12 points to 1,874.70. Industrial, on the other hand, added 12.22 points, or 0.14 percent to close at 9,032.27, followed by holding firms, which improved by 0.13 percent, or 6.80 points to 5,446.80.

Property advanced only by 0.1 percent, or 2.31 points to 2,278.09.

Market activity, however, turned even slower with total value turnover ending at P4.3 billion. Advancers beat decliners, 90 to 70, while 40 issues were unchanged.

“We can fairly expect investors to stay on the current course. The bulls are still in control with a firm challenge from the bears. At this point, the lack of catalysts beyond what investors expect and which the markets have discounted keeps trades confined to a narrow band, leaving little room for short-term, quick turn-a-round opportunities,” Calaycay said.

“Nevertheless, the positive outlook has kept interest in equities on the decision-making table,” he added.

The most actively traded stocks on Monday were BDO Unibank Inc., Philippine Long Distance Telephone Co., Ayala Land Inc., SM Investments Corp., SM Prime Holdings Inc., Megaworld Corp., Nickel Asia Corp., Metropolitan Bank and Trust Co., Ayala Corp. and Emperador Inc.

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