Index stocks continue to rise

The local stock barometer moved closer to the 7,000 level yesterday, riding on the recovery momentum seen last week.

The Philippine Stock Exchange index (PSEi) gained 63.38 points or 0.91 percent to close at 6,996.19.

Elsewhere in the region, trading sentiment was mixed. Last week, the European Central Bank chief hinted at fresh stimulus measures during its Dec. 3 policy meeting even as the US Federal Reserve was expected to sanction the interest rate liftoff—the first time in a decade—next month.

At the local market, the day’s gains were led by the industrial, holding firm and property counters, which all rose more than 1 percent, while the services sub-index also advanced. These made up for the decline in the financial and mining/oil counters.

Total value turnover stood at P5.3 billion. Despite the PSEi’s gain, market breadth was negative as there were 86 decliners against 77 advancers while 4 3 stocks closed unchanged. Doris Dumlao-Abadilla