The local stock barometer firmed up for a second session in a row to retest the 7,300 level even as most regional markets declined alongside the slump in oil prices.
The Philippine Stock Exchange index (PSEi) gained 37.35 points or 0.51 percent to close at 7,331.73.
The property counter, which rose 1.1 percent, led the day’s gains, making up for the slump in the mining/oil counter (-1.91 percent).
The holding firm and services counters also contributed gains while the financial and industrial sub indices closed in negative territory.
Value turnover for the day amounted to P7.05 billion. There were nearly twice as many decliners (118) as there were advancers (62) while 41 stocks were unchanged.
Ayala Land Inc. (+2.65 percent) led the property counter. It was reported that the property firm had expressed interest to challenge SM Prime’s reclamation project with the city of Parañaque.
Gokongwei-led stocks Universal Robina Corp. (+0.36 percent) and JG Summit (+3 percent) also helped the PSEi’s rise.
Philippine Long Distance Telephone Co., First Gen Corp., Aboitiz Power Corp. and Alliance Global Group Inc. also contributed to the market’s advance.
On the other hand, the day’s gains were tempered by the decline of Petron Corp. (-3.42 percent) and GT Capital (-2.31 percent) while shares of SM Prime, Ayala Corp., BDO Unibank, Energy Development Corp. and Metrobank also declined.
Meanwhile, PSPC was flat on listing date.
“With the first trading day of December completed, a hold is raised based on technical
indicators until 7,360 is broken,” said Luis Gerardo Limlingan, managing director at Regina Capital Development Corp.
Limlingan advised investors to keep a close watch on the 20-day moving average, noting this was a crucial support base if the index were to revisit 7,400.
“With technical readings generally bullish, expect this week’s trend to show bullishness,” Limlingan said.
“On the other hand, in case the 20-day moving average is breached downward, next key support is seen at 7,200, but there’s a bigger possibility that the index will enter a consolidation,” he said. Doris C. Dumlao