PHILIPPINE share prices closed higher on Monday, the start of month-end window dressing which coincided with the listing of Eagle Cement Corp. on the stock exchange.
The bellwether PSEi rose by 0.24 percent, or 18.54 points to close at 7,886.03. The wider All Shares gained 0.22 percent or 10.26 points to finish at 4,700.14.
“Philippine market kicked off the last few days of May in the green after taking a momentary breather last Friday as window dressing started,” Limlingan said.
Eagle Cement possibly helped the market advance during the session, Limli- ngan added.
Harry Liu, Summit Securities Inc. president, looked at the market behaving based on technical aspects of the market. “I think it’s basically just the technical behavior. We hope for new developments to reach the 8000 level,” Liu said.
Investors are repositioning ahead of month-end window dressing and rebalancing of the MSCI on Wednesday, May 31, said Joylin Telagen, research head at IB Gimenez Securities Inc.
Among the actively traded issues, Pilipinas Shell Petroleum Corp. gained 2.80 percent, SM Prime Holdings was up 2.13 percent, Eagle Cement advanced by 2.00 percent, Megaworld Corp. rose by 1.95 percent and Ayala Land, Inc. went up 1.50 percent.