Market snaps losing streak

MANILA, Philippines — Share prices surged to start the final month of the year on a high note, buoyed by positive factory activity data and record high US equities.

The Philippine Stock Exchange index climbed by 1.95 percent or 129.04 points to settle at 6,742.89, snapping its four day losing streak.

The broader All Shares index also closed in positive territory, rising by 1.35 percent or 50.52 points to 3,789.60.

“The PSE corrected higher, considered a healthy upward correction after declining for four straight days,” RCBC chief economist Michael Ricafort said.

Ricafort said the market’s strong performance was driven by the Philippine manufacturing PMI which registered new 2.5-year highs as well as the US stock markets which mostly posted new record highs last Friday.

Net value turnover stood at P4.37 billon. Foreigners were net sellers with net outflows at P77.68 million.

All sectors were in the green, led by services and holding firms which increased by 3.53 percent and 3.33 percent, respectively.

Market breadth was positive as advancers whipped decliners, 109 to 80, while 55 issues were unchanged.

Bank of the Philippine Islands was yesterday’s top traded company, declining by 0.16 percent to P128.40 per share.

ICTSI was the top gainer among index members, rising by 5.41 percent to P390, while Universal Robina Corp. lost the most at 2.09 percent to P77.30.