PSEi sustains last week’s gains

MANILA, Philippines - Share prices rose yesterday even as trading was weak during the morning session, sustaining last week’s gains and defying expectations that the market would go through a technical correction.

The benchmark Philippine Stock Exchange index (PSEi) gained 28.14 points or 0.38 percent to finish at 7,276.34.

Similarly, the broader All Shares index gained 12.35 points or 0.28 percent to end at 4,366.15.

All other counters were also up except for the holding firms sector.

Among the different indexes, the services counter led the gains, closing 1.93 percent or 26.62 points to 1,404.65.

Total value turnover reached P5.25 billion as advancing stocks outnumbered decliners, 104 to 88 while 48 stocks were left unchanged.

Analysts said investors continue to be optimistic on the country’s economic growth and listed companies’ corporate earnings results.

Commenting on yesterday’s session, Luis Limlingan, managing director at Regina Capital said: “Philippine shares finished higher despite mixed economic data from Friday night, which kept markets slightly in positive territory.”

“US nonfarm payrolls came in below expectations last month, however, a jump in wages pointed to sustained labor market momentum. Nonfarm payrolls rose a seasonally adjusted 156,000 against the market estimate of 175,000. Employers hired 19,000 more workers than previously reported in October and November. For 2016 the economy added just 2.16 million jobs, the smallest gain for a calendar year since 2011,” Limlingan said.