Index continues upswing on Wall Street rally
MANILA, Philippines — Local stocks continued their upswing yesterday, buoyed by Wall Street rally.
The Philippine Stock Exchange index rose 0.83 percent, or 69.31 points, to open the week on a high note at 8,365.26.
The broader All Shares index followed suit, closing 34.37 points or 0.70 percent better at 4,891.93.
“Wall Street closed on a strong note on Friday, extending its weekly gain to seven weeks in a row. This unbroken run has earned the gauge a handsome 4.9 percent return,” said Luis Limlingan of Regina Capital.
“Philippines was quiet due to the two-day holiday as evidence by the continued low value turnover. Window dressing was also another catalyst aside from the positive closes in the regional markets,” Limlingan said.
All counters except for financials finished in the green, with the property, services, and holding firms each posting an increase of more than one percent.
Financials, however, dropped 0.84 percent or 17.10 points.
Market breadth was positive as advancers edged out decliners, 96 to 87, while 58 stocks did not change. Value turnover stood at P6.67 billion.
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