PSEi starts week on strong note

MANILA  -Local stocks opened higher for the week as investors tracked positive moves overseas ahead of the release of key economic data from the United States.

Benchmark Philippine Stock Exchange index (PSEi) gained 1.05 percent, or 64.39 points, to 6,225 on Tuesday while the broader All Shares index gained 0.67 percent, or 22.22 points, to 3,354.62.

The stock market resumed trading on Tuesday after the Aug. 28 National Heroes Day holiday.

“Philippine shares opened the week higher as trading gear up for window-dressing. On the data front, investors await data on home prices, job openings and consumer confidence will also be due Tuesday morning,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.

The PSEi saw modest recovery after touching its lowest level for the year on Friday at 6,160.61.

The market was lifted by services, which gained 1.52 percent, followed by property with a 1.51-percent increase. Mining and oil also climbed 1.19 percent while financials rose 1 percent. Industrial and holding firms added 0.58 percent and 0.38 percent, respectively.

A total of 395.1 million shares valued at P5.6 billion changed hands while net foreign selling reached P219.2 million. Ayala Land Inc., up 1.42 percent to P28.50 per share, was the top traded stock. It was followed by: SM Investments Corp., down 1.52 percent to P812.50; Ayala Corp., up 2.84 percent to P615; BDO Unibank Inc., up 0.78 percent to P141.60 and International Container Terminal Services Inc., up 4.30 percent to P213.60 per share. INQ