The Philippine Stock Exchange Index opened the year positive, closing at 7,276.63 points, up by 0.64 percent or 46 points, buoyed by reports that December inflation was lower than expected.
The market expects brighter prospects this year after outperforming other markets in the region last year.
“I hope that 2015 will be the year when we see more of our countrymen reap the benefits of investing in the stock market. I am optimistic that we can help bring financial freedom to more Filipinos,” PSE Chairman Jose T. Pardo said in his welcome remarks after PSE officers rang the bell signifying the start of trading.
Shares traded amounted to 1.39 billion, valued at P6.39 billion. Advancers outnumbered decliners—99 to 87—while the unchanged was at 42. Sectoral indices had three gainers and three losers—advancers led by Holding Firms, up by 2 percent, while decliners were led by Industrial subindex which was down 0.53 percent. Most active losers were URC and TEL, while active companies that gained included ALI, MBT and SM.
“The market started out with a positive signal mainly due to more or less bullish sentiment on the lower inflation expected this year. December inflation is going to be released this week, and expectations are lower. These expectations are seen to benefit the Philippine equities in the next few days,” Alexander Adrian Tiu, analyst at AB Capital Securities Inc., said in a phone interview.
For the first week of the year, the market is seen to consolidate as profit taking are expected from the past end-of-the-year leaps. But the first quarter of the year is projected to go up on the expected dividend issuances in the period, Tiu added.
On 2014’s last trading day, the PSEi increased by 0.62 percent or 44.25 points to 7,230.57, while the wider All Shares went up by 0.69 percent or 29.09 points to 4,264.61.