Market moves closer to 7,000

MANILA, Philippines — The stock market kept its winning streak alive, opening the week on a high note as it drew closer to the 7,000-level.

The benchmark Philippine Stock Exchange index rose for the third consecutive session yesterday, adding 0.69 percent or 48.16 points to end at 6,984.25.

Also finishing in the positive territory was the broader All Shares index, which increased by 0.67 percent or 25.19 points to 3,778.05.

“Philippines shares just missed closing above 7,000 as investor continued to buy into the local market with many expecting foreign fund flows to increase given the strong economic data in the country versus the rest of the region,” Luis Limlingan of Regina Capital said.

Philstocks Financial research manager Japhet Tantiangco said investors cheered the prospects of further rate cuts by the Bangko Sentral ng Pilipinas.

“This comes on the back of the favorable inflation figures seen for August and the increasing likelihood of the Federal Reserve starting with their monetary easing in their policy meeting next week,” he said.

Tantiangco said trading yesterday was active with net value turnover posting P6.76 billion, higher than the year-to-date average of P5.02 billion.

Financials led the sectors with a 1.36-percent jump, while both the property and holding firms rose by more than one percent.

Mining and oil as well as industrial were the only sectors in the red, losing by 0.83 percent and 0.08 percent, respectively.

Market breadth, however, was negative as decliners edged out advancers, 104 to 96, while 50 issues were unchanged.

GT Capital Holdings posted the largest gain among index members at 3.68 percent, while DMCI Holdings lost the most with 1.37 percent.

Among the most actively traded stocks were BDO (up 1.59 percent), Security Bank (up 8.91 percent), URC (up 0.72 percent) and Ayala Land (up 1.99 percent).