PSEi up for 2nd straight session on news of resilient US stocks

MANILA, Philippines — The local stock barometer advanced for the second session on Monday, riding on a regional upswing inspired by resilient US stocks.

The main-share Philippine Stock Exchange gained 54.16 points or 0.89 percent to close at 6,167.82 on across-the-board gain among its counters.

Risk appetite in the region was boosted by the 128.8-point surge by the Dow Jones Industrial Index (DWIA) on Friday while stock futures pointed towards a further rally in Wall Street.

At the local market, the biggest gainers among the sub-indices were the financial, industrial, services and mining/oil counters, which all jumped by over 1 percent.

Value turnover for the day amounted to P6.59 billion. There were 97 advancers that edged out 54 decliners while 46 stocks were unchanged.

Investors snapped up shares of Jollibee (+3.2 percent) as local consumer play is generally deemed as attractive. Metrobank and URC gained over 2 percent while BDO, PLDT, AGI, Megaworld and Semirara also advanced by over 1 percent.

SMIC, BPI, SMPH, ALI, MPI, ICTSI, JGS and DMCI also contributed modest gains for the day.

Outside of PSEi stocks, the notable gainers were Puregold (+3.77 percent) and PNB (+4.69 percent).

Local stock brokerage DA Market said positive momentum from earnings results, amid positive US backdrop, might see PSEi attempt higher resistance at 6,265. Breaching this level, the brokerage said, would be positive as it would break out of downtrend, which began in May 2013. “Hence, consolidation with upward bias may appear,” it said.