PH stocks open week in upbeat mood

UPBEAT MONDAY. Trading at the start of the week ended up by 0.485 percent to settle at 4,295.24, the third consecutive rise. AFP PHOTO/NOEL CELIS

The main-share Philippine Stock Exchange index added 20.73 points, or 0.485 percent, to finish at 4,295.24, rising for the third straight session.

Trading for the day was mixed, with the industrial, financial and property counters trading in positive territory and the holding firms, services and mining/oil counters succumbing to profit-taking.

Value turnover was anemic at P3.2 billion. There were 66 advancers versus 59 decliners while 49 stocks were unchanged.

Foreign investors were among those that supported the day’s rise. There was a modest P298 million in net foreign buying registered for the day.

URC, Aboitiz Power, ICTSI, Philex, Ayala Corp., AGI, Banco de Oro, EDC, SM Prime, Megaworld and Metro Pacific Investments, Metrobank and Ayala Land led the index higher. San Miguel Corp. and Atlas Mining were also up on relatively heavy trade.

Index gains were pared down, however, by the decline of PLDT, DMCI, Lepanto “A,” BPI and SM Investments.

“Technically, the market leaves investors on the sidelines waiting for a more convincing signal that a sustainable rebound is underway,” said Justino Calaycay Jr., a dealer at Accord Capital Equities.

He said last week’s close above the 4,270 erstwhile resistance would
have to be confirmed this week. “Thus we will keep an eye on the 4,230-support line. Moving north, the first psychological wall is presented by 4,300, extending to 4,330,” Calaycay said.