Upbeat sentiment on Wall Street helps lift PH stocks to 6,500

The local stock barometer returned to the 6,500 mark on Monday as investors took heart from the upbeat sentiment on Wall Street and the better-than-expected US jobs data.

The main-share Philippine Stock Exchange index (PSEi) racked up 48.87 points, or 0.76 percent, to close at 6,514 on Monday, in line with firmer regional markets.

BDO Unibank chief strategist Jonathan Ravelas said the PSEi might still have “some gas to try the 6,800 levels in the near-term.”

On Monday, the mining/oil outperformed, surging by 8.63 percent.The industrial counter added 2.54 percent, while the holding firm and property counters both added over 1 percent. The services sub-index gained 0.51 percent.

Only the financial counter started the week on a sluggish note, losing 1.52 percent.

Total value turnover amounted to P9.63 billion. Domestic investors fueled the day’s surge as foreign investors mostly pared their holdings, resulting in a net foreign selling of P147.43 million.

There were 157 advancers that overwhelmed 58 decliners, while 35 stocks were unchanged.

Shares of Security Bank rose by 8.8 percent. GT Capital and AGI both rallied by over 6 percent, while Metro Pacific and JG Summit both surged by over 5 percent. RLC added 4.17 percent. —Doris Dumlao-Abadilla INQ