The Philippine Stock Exchange index (PSEi) flirted with the 7,000 level on Monday, as investors looked ahead to corporate earnings, encouraged by a resilient local market despite a string of overseas concerns.
At the Philippine Stock Exchange, the bellwether PSEi peaked at 7,005.71 before trimming its gain to settle at 6,998.37, higher by 104.14 points or 1.51 percent from last Friday's close.
All counters finished in the green, gaining at least 0.81 percent. The mining and oil sector jumped 2.37 percent and the property sub-index rallied to 2.16 percent to pace the market's gains.
Advancers dominated decliners, 122 to 55, while 46 issues were unchanged. Value turnover improved to P10.52 billion from P7.15 billion last Friday, as 2.305 billion shares changed hands.
Most actively traded stocks were PLDT, SM Investments, Alliance Global, Ayala Land and Bloomberry. Top gainers were Jolliville, iRipple and Manila Mining B, while the biggest losers were Primex, Seafront Resources and Atok-Big Wedge.
"As we consolidated in recent weeks, the Philippine market held resilient above 6,800 amid an eventful world stage which caused international market weakness. Investors were cautious coming into last week's rate hike and that helped most of the market price in the impending development,” said Gab Aguila, equity analyst at DA Market Securities Inc.
“Now, on the base of a resilient [support level] with the rate hike accounted for and with earnings releases so far positive, the market has regained its confidence," Aguila added.
Local share prices overcame the P1.85-billion net selling position of foreign funds against a backdrop of mixed Asian markets on geopolitical risks in Israel and Ukraine as well as soft economic data from the world's two largest economies.
"This is one of our better trading days so there's room for profit taking, but if you're a foreign fund, the Philippines is still more attractive compared to other markets," said Luis Limlingan, head of business development at Regina Capital Development Corp.
The US economy added 209,000 jobs last month, below expectations of 233,000, while the unemployment rate picked up to 6.2 percent from 6.1 percent. Data over the weekend showed growth in China's services sector slowed to a six-month low in July.
Financial troubles in Portugal and Argentina and worries on how quickly the Federal Reserve will raise interest rates dragged US stocks last Friday, sending the Standard & Poor's 500 index to its worst weekly loss in more than two years last week.
The Dow Jones Industrial Average shed 69.93 points, 0.43 percent, to close at 16,493.37, while the S&P 500 dipped 5.52 points, or 0.29 percent, to finish at 1,925.15.
- Interaksyon
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