PH shares start month on optimistic note; index up 1.56%

The local stock barometer started the week with fresh optimism, tracking regional markets that were perked up by the better-than-expected factory gauge in China.

The Philippine Stock Exchange index (PSEi) racked up 91.33 points, or 1.56 percent, to close on Monday at 5,930.17, extending last Friday’s upswing as foreign investors remained net buyers. It was also the first day that Metro Manila shifted to more relaxed quarantine protocols, indicating the reopening of the economy.

“The selling pressure was extremely light as most investors were optimistic with the lifting of restrictive quarantine measures. The sentiment also improved as the rest of Asia moved higher in today’s session,” AAA Equities head of research Christopher Mangun said.If the PSEi would break the barrier at 5,950 in the coming days, Mangun said this could begin a new uptrend.

The local index was led higher by property stocks, whose counter surged by 3.54 percent.The industrial counter added 2.53 percent, while the financial, holding firm and mining/oil counters all gained over 1 percent.The services counter failed to ride the day’s upswing, losing 0.69 percent.

Value turnover amounted to P6.98 billion. There was modest net foreign buying of P268.58 million. INQ