The benchmark Philippine Stock Exchange index (PSEi) gained on Monday as it traced positive sentiments in the region, after Chinese officials signaled they were prepared to support their economy amid slowing growth.
The PSEi on Monday rose 1.18 percent, or 84.64 points, to 7,236.16 while the broader all-shares index went up 0.9 percent, or 39.08 points, to 4,398.73.
On a per sector basis, mining and oil was the only loser yesterday as it sank 1.17 percent.
Financials gained the most at 1.74 percent, followed by holding firms, up 1.49 percent, and property, up 0.68 percent.
The gain on Monday also coincided with the start of the third quarter earnings season. SM Prime Holdings, owner of the country’s largest shopping mall chain, said net income during the nine months through September rose 17 percent—an indication that consumer spending remained robust.
As with previous weeks, trading volume was subdued. Data from the PSE showed that a total of 688.5 million shares valued at P4.45 billion changed hands yesterday. There were 107 advancers against 83 decliners while 38 companies closed unchanged.
The rosy earnings made SM Prime the most actively traded company on Monday. The builder rose 1.16 percent to P34.90 per share.
It was followed by Ayala Land Inc., up 0.61 percent to P41.15, Metropolitan Bank & Trust, up 4.47 percent to P69, BDO Unibank Inc., up 2.59 percent to P122.90, and Ayala Corp., up 2.03 percent to P928.50 per share.
Other actively traded companies were Jollibee Foods Corp., up 2.64 percent to P272, Bank of the Philippine Islands, up 0.48 percent to P83.35, Philippine Seven Corp., down 1.88 percent to P109.90, Globe Telecom, up 4.33 percent to P1,998 and SM Investments Corp., up 1.5 percent to P878 per share.