Stocks continue to rise

Most local stocks crept higher Monday, rising for a third session, aided by month-end window-dressing and a relaxed monetary policy.

The main-share Philippine Stock Exchange index added a modest 2.91 points or 0.04 percent to close at 7,028.35. Selective buying propped up the index as valuation concerns reemerged in the liquidity-driven rally. Dealers said the index was attempting to build a base above 7,000.

Value turnover was relatively thin at P7.45 billion as the index  neared historical highs. The record peak for both closing and intra-day trade is 7,120.48 that was hit on April 22.

The financial, industrial, services and property counters kept the index in positive territory, compensating for the slack in the holding firm and mining/oil counters. There were 83 advancers versus 76 decliners in the market.  Doris C. Dumlao