The market reversed its decline last week and ascended to the 7,200 territory on Monday.
The benchmark Philippine Stock Exchange index (PSEi) gained 0.97 percent or 69.11 points to its intraday high of 7,203.67, while the wider All Shares climbed 0.84 percent or 35.68 points to finish at 4,286.05.
AAA Equities head of research Christopher Mangun said the Sy-led blue chips led the market’s climb as SM Prime Holdings Inc., SM Investments Corp. and BDO Unibank Inc.
improved by 2.93 percent, 2.34 percent and 1.01 percent, respectively.
Mangun added that investors remained confident under current market conditions as evidenced in its gains and above average trading volumes.
However, he noted that a pullback may take place in the coming trading session as profit taking picks up every time the market breaches the 7,200 level.
Meanwhile, Luis Limlingan of Regina Capital Development Corp. said traders brushed off recent United States jobs report and continued to position ahead of 2021.
“Local shares closed higher after profit taking last Friday with the index closing a few points above 7,200, as traders brushed off US jobs report and continued positioning ahead of 2021,” Limlingan explained.
All local shares were in the green with industrial leading the gainers at 1.38 percent.
Total volume turnover was at 45.27 billion shares valued at P9.56 billion.
Winners outpaced losers at 122 to 114, while 37 securities were unchanged.