Stock market up slightly as week starts


The stock market eked out a slight gain on Monday with investors said to have taken heart from positive economic growth data and blue chip gains.

The bellwether Philippine Stock Exchange (PSE) gained 10.90 points or 0.13 percent to close at 8,321.98. The wider All Shares, however, lost 2.07 points or 0.04 percent to 4,871.75.

Chris Mangun, research head at Eagle Equities, Inc. noted that trading was particularly active for Manila Electric Co., which MSCI has said would be added to its global index by end of the month, and SM Investments Corp. and BDO Unibank Inc.

The three firms were among the most active stocks on Monday, with SM Investments gaining 1.5 percent and BDO up 1.71 percent. Meralco, meanwhile, was unchanged for the day.

Eduardo Francisco, president of BDO Capital and Investment Corp., also said that investors were finally warming up to last week’s announcement of better-than-expected 6.9 percent growth for the third quarter.

“GDP (gross domestic product) growth numbers are sinking in,” he said.

Sectoral results were mixed on Monday with financials, holding firms, and mining and oil posting gains while industrials, services and property declined.

More than 3.6 billion shares valued at P5.6 billion were traded.

Decliners outmatched advancers, 122-80, while 42 issues were unchanged.


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