Stocks sustain uptrend on positive sentiments

MANILA, Philippines — The stock market continued to gain ground yesterday on renewed investor optimism.

Traders said there is renewed investor optimism on the appreciating peso, declining oil prices and easing inflation but at the same time, investors are cautious as the index returned to the 7,400 mark.

The benchmark Philippine Stock Exchange index gained 15.76 points, or 0.21 percent, to reach the 7,400 level or a close of 7,413.63.

The broader All Shares index likewise ended in positive zone, gaining 17.67 points or 0.39 percent.

However, the sectoral indices were a mixed bag – the financials rallied while the holding firms and services were also in the green.

On the other hand, the mining and oil remained battered the most among the three gauges, ending in negative territory.

Total value turnover, meanwhile, was robust at P7.593 billion and market breadth was positive, 98 to 76. Fifty eight issues were unchanged.

Arbee Lu, head of marketing and business development of P2P Trade Online said despite treading in negative territory for most of the day, the index went up with moderately heavy turnover of P7.2 billion.

“Foreign flows turned positive again yesterday with P313 million worth of inflows, pouring mostly into banking and property firms – BDO, SM Prime, and BPI were top foreign bought issues. On the other hand, top foreign sold were Puregold, International Container Terminal Services Inc. and SM,” Lu said.

Lu said choppy trading may be signs of indecision as investors approached resistance at 7,480.

“We may see similar action in the days to come as investors await November inflation data next week,” Lu said.