The local stock barometer surged past the 7,800 mark on Monday, outperforming other markets in the region ahead of the two-day Christmas holiday break.The main-share Philippine Stock Exchange index (PSEi) racked up 99.48 points or 1.28 percent to close at 7,872.60, rising for the second trading day.
There will be no trading at the local bourse on Tuesday (Dec. 24) and Wednesday (Dec. 25).
“The PSEi ended higher today despite foreign outflows as local buyers scoop up battered shares. This looks like end of year window-dressing and positioning for a 2020 rally. The market may end the week higher if local investors continue to outpace foreign selling,” AAA Equities head of research Christopher Mangun said.
On the other hand, he noted that Asian equities markets had mixed results, with most ending unchanged.
“The general sentiment improved after Chinese President Xi (Jinping) spoke on the phone with US President Trump over the weekend and discussed the phase one deal. Trading volumes remain subdued as investors get ready for the Christmas holiday,” he said.
Local investors shored up the market as foreign investors remained net sellers, with P1.22 billion flowing out of the market for the day. Excluding block trades, turnover value for the day amounted to P5.23 billion. A total of P8.3 billion worth of shares changed hands for the day.
By counter, the industrial and mining/oil counters were the best performers, both advancing by over 3 percent.
The holding firm and property counters both rose by over 1 percent, while the financial counter ended just a tad higher.
On the other hand, the services counters ended slightly lower.
There were 128 advancers that overwhelmed 58 decliners, while 54 companies were unchanged.
Metro Pacific rebounded by nearly 5 percent, while power distribution arm rose by 4.75 percent. Jollibee added 3.29 percent.
Ayala Land, the day’s most actively traded company, gained 2.72 percent. The property giant issued a statement that it had no plans to embark on projects in Sagada, on the heels of reports about Sagada’s municipal council passing a resolution to ward off the sale of ancestral land to outsiders.
JG Summit and PLDT both gained over 2 percent while Security Bank rose by nearly 2 percent. INQ