Index rises despite thin trades
MANILA, Philippines - Share prices managed to rise yesterday despite low trading volume, analysts said.
“The index closed strong today and breached the 32-day moving average. However, total value traded was only P4.5 billion. The market seems to be on vacation mode already,” said Paolo Hizon of Unicapital Securities Inc.
The benchmark index climbed 55.84 points to close at 6,966.18. The broader All Shares index rose 18.15 points or 0.46 percent to finish at 3,970.47.
Gainers during yesterday’s session included GT Capital, which rose 3.50 percent; SM Prime Holdings, which closed higher 2.97 percent and BPI which gained 2.69 percent.
On the other hand, losers included Bloomberry, down 3.45 percent; Robinsons Land Corp., down 2.55 percent; and First Gen, which shed 2.41 percent.
There are only three trading sessions left for 2015 and it remains to be seen how the market will close this year after the US Fed finally raised rates after almost a decade.
Analysts said recent history draws a favorable picture during Christmas.
The so-called ‘Santa Claus rally’ has given investors an average return of +1.56 percent, ranging from losses of -1.61 percent (2008) to as much as 3.54 percent (2010).
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