THE Philippine Stock Exchange index (PSEi) opened the week with a gain of more than 50 points, tracking Wall Street’s lead on Friday.
The benchmark index advanced 54.31 points or 0.78 percent to 7,057.53, while the wider All Shares went up 23.47 points or 0.57 percent to 4,173.75.
On Friday, the Dow Jones added 1.63 percent, the S&P 500 jumped 1.29 percent and the Nasdaq gained 0.97 percent, fueling gains in global markets on Monday.
Carissa Patag, Bank of the Philippine Island’s head of retail sales, said by phone that the benchmark index ended on a positive note mostly on the gains of markets abroad, especially the US markets.
“We posted increases today as it was a follow-through of Dow Jones from its advance last Friday,” Patag said.
She said the rebound in the US markets offset worries about the economic outlook in Europe and this helped lift sentiment today.
Among the sub-indices, services and mining and oil were slightly lower. Services slipped 1.96 points or 0.09 percent to 2,136.44, dragged down by the 0.31 percent decline in PLDT shares, while mining and oil dipped 6.71 points or 0.04 percent to 15,677.88.
The rest of the market advanced. Industrials added 157.40 points or 1.41 percent to 11,301.74, financials rose 2.42 points or 0.15 percent or to 1,651.75, holding firms climbed or 53.87 points or 0.88 percent to 6,144.65; and property jumped 33.48 points or 1.23 percent to 2,751.59.
Aside from PLDT, other top losers were Metrobank (down 1.97 percent), Alliance Global Group Inc. (down 0.60 percent), and Universal Robina Corp. (down 0.22 percent).
Top advancers included Island Information and Technology Inc (up 50 percent), Energy Development Corp. (up 3.97), SM Prime Holdings Inc. (up 3.76 percent), and BDO Unibank Inc. (up 1.46 percent).
Total volume traded was 3.4 billion shares valued at close to P6 billion. Gainers outnumbered losers 89 to 78, while 44 shares were unchanged.
Last Friday, the PSEi fell 25.36 points or 0.36 percent to 7,003.22 and the All Shares index was also down 12.81 points or 0.31 percent to 4,150.28.