The local bourse opened the trading week in positive territory as it inched closer to the 7,300 level on Monday.
The benchmark Philippine Stock Exchange index (PSEi) climbed 0.49 percent or 35.19 points to 7,281.35, while the wider All Shares gained 0.46 percent or 19.78 points to end at 4,338.51.
AAA Equities head of research Christopher Mangun said the gains of blue chip bank stocks offset the losses of large-capital property issues.
Only the property sector declined at 0.76 percent, while the financials sector led the
winners at 1.59 percent.
Mangun said Monday’s trading was an indication that investors remained confident with the current market conditions and are “willing to hold positions for the longer term.”
He noted that the lack of selling pressure at the start of trading prompted buyers to rush in and take prices higher.
“This early buy-up deflected any selling throughout the session as sellers backed off to allow the market to move higher. We saw a pick up of selling right before the close which was easily supported by the buying,” Mangun explained.
The main index opened at 7,244.38 and managed to record its intraday high of 7,311.21 on Monday.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said investors made bets ahead of the Bangko Sentral ng Pilipinas meeting on Thursday, the additional fiscal stimulus abroad and the continued Christmas rally.
Total volume turnover was at 46.02 billion shares valued at P8.93 billion. |
Gainers outpaced losers, 134 to 75, while 58 securities were unchanged.