Philippine shares finished higher on Monday, with the index briefly touching the 7,000 points record territory in intraday trade before settling with pared gains of 1.5 percent.
Sentiment was upbeat over positive corporate earnings results for the first half, dealers said.
Harry Liu, Summit Securities Inc. president, said in a phone interview the local market was unaffected by the slump on Wall Street on Friday, with investors taking their cue instead from the positive first-half corporate earnings results released on Monday.
The benchmark index rose past the 6,900-level as soon as trading started, hitting an intra-day high of 7,005.71, according to Philippine Stock Exchange (PSE) data.
The benchmark PSE index finished trade up 104.14 points or 1.51 percent at 6,998.37, while the All Shares index added 52.77 points or 1.28 percent to 4,176.46.
“Basically, the US markets were down mainly because of the Argentina debt default and the tensions in the Gaza Strip. But local conditions are healthy as we do not have anything to do with Argentina,” Liu said.
On the local side, apart from the upbeat earnings so far, Liu said there was also optimism over the full entry of foreign banks next year “and the government going in the right direction of getting money to push more activities.”
“Nothing negative is happening right now in the local scene so this week, the market may test the 7,000 levels,” Liu said.
He said resistance remains firm at 7,000 while support remains at 6,750.
All sectoral indices were in the green, led by mining and oil, which gained 396.45 points or 2.37 percent to 17,125.33, and property which added 55.97 points or 2.16 percent to 2,643.78
Financials were up 13.21 points or 0.81 percent to 1,650.98, while industrial firms advanced 200.85 points or 1.92 percent to 10,672.44.
Holding firms also advanced 71.21 points or 1.15 percent to 6,260.87 while services rose 23.24 points or 1.10 percent to 2,140.84.
All 10 top-traded stocks were gainers, which included PLDT, Alliance Global Group Inc., SM Investments Corp., Ayala Land Inc., Bloomberry Resorts Corp., SM Prime Holdings Inc., BDO Unibank Inc., Ayala Corp., Universal Robina Corp. and Megaworld Corp.
Advancers overwhelmed decliners 122 to 55, while 46 shares were unchanged. A total of 2.3 billion shares changed hands, valued at 10.524 billion.
On Friday, the PSEi gained 29.41 points or 0.43 percent to 6,894.23, while the broader All Shares index went up 11.13 points or 0.27 percent to 4,123.69.