Index starts week strong as investors pick bargains

MANILA, Philippines — Share prices sustained its momentum from last Friday’s positive finish as investors turned to bargains once more to fuel the market.

The benchmark Philippine Stock Exchange index opened the week on a high note, climbing by 1.27 percent or 84.70 points to end yesterday’s session at 6,761.35.

The broader All Shares index was also on a positive mood as it increased by 0.71 percent or 26.90 points to 3,799.70.

“Shares continued to rebound after the sell-off last week as investor prepare for a fresh round of economic data,” Luis Limlingan of Regina Capital said.

Limlingan said the key economic event in the US this week is the release of the Philadelphia Fed Manufacturing Index on Thursday, accompanied by several speaking engagements from Federal Reserve officials.

“On the local front, Goldman Sachs released its most recent market outlook for 2025, placing the Philippines at an overweight rating, a further catalyst for investors to be buying into the market,” Limlingan added.

Sectoral gauges were a mixed bag, with mining and oil incurring the largest drop at 1.68 percent. Holding firms posted the biggest gain at 3.59 percent.

Market breadth was positive with advancers edging out decliners in a close contest, 97 to 94, while 62 issues were unchanged.

Net value turnover stood at P5.04 billion.

Ayala Corp. led the index members with a 6.83-percent jump, while ACEN lost the most with a 3.41-percent decline.

BDO was yesterday’s top traded company, losing by 1.06 percent to P140.40 per share, followed by Ayala Land with a 0.17-percent decline to P29.