Upbeat mood in Asian markets spills over to PH; index retests 7,200 level

The local stock barometer retested the 7,200 mark on Monday in line with mostly upbeat regional markets.

The main-share Philippine Stock Exchange index (PSEi) added 69.11 points or 0.97 percent to close at 7,203.67.

“Investors remain confident under current market conditions evident in the market’s gains and the above average trading volumes,” said Christopher Mangun, head of research at AAA Equities.

“We may see a pullback in the coming trading session as profit-taking has picked up every time the main index touched the 7,200 level,” he noted.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said stocks traders had brushed off a weak U.S jobs report for November and continued positioning ahead of 2021.

All counters edged higher, led by the industrial, services, mining/oil and property segments, which all added over 1 percent.

The financial and holding firm counters both rose by less than 1 percent.

Value turnover for the day amounted to P9.55 billion. There was a modest net foreign buying of P113.93 billion.

There were 122 advancers that beat 114 decliners while 37 stocks were unchanged.

ICTSI and AGI both racked up over 4 percent, while SM Prime rose by nearly 3 percent.

SM Investments, URC, GT Capital and RLC all added over 2 percent, while Metrobank, BDO, Jollibee and JG Summit all added over 1 percent.

Security Bank firmed up by 0.67 percent.

Outside the PSEi, one notable gainer was Dito CME, which surged by 9.97 percent and was the most actively traded company.

PLDT and BPI both declined by over 1 percent, while Ayala Corp., Ayala Land and Globe Telecom all shed less than 1 percent.

One notable decliner outside the PSEi was Megawide, which fell by 4.31 percent on news of charges filed by the National Bureau of Investigation for alleged violation of the anti-dummy law. Doris Dumlao-Abadilla