The main index started the first trading session of the third quarter on a positive note, as investors continued to look for bargains with sentiments also getting a lift from the positive finishes among international markets last week.
The 30-company Philippine Stock Exchange index rose 0.48% or 34.28 points to 7,227.96 on Monday, extending gains from its significant jump last Friday. The broader all shares index went up 0.12% or 5.37 points to 4,398.15.
“Philippine stocks closed higher even with ongoing trade war-related jitters. Market observers continued to note that the continued bargain hunting was a good sign despite the meteoric rise on Friday from window dressing,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
The industrial sub-index was the lone sector that ended with a loss, giving up 0.28% or 28.93 points to 10,385.91.
Holding firms led the increase with a gain of 0.91% or 64 points to 7,115.74, followed by mining and oil which jumped 0.78% or 75.18 points to 9,748.40. Services climbed 0.46% or 6.39 points to 1,399.01; financials went up 0.13% or 2.22 points to 1,781.52; while property added 0.08% or 2.79 points to 3,551.90.
Some 780.25 million issues switched hands, valued at P4.8 billion, lower than Friday’s turnover of P7.1 billion.
Advancers outpaced decliners, 116 to 94, while 40 issues were unchanged. — Arra B. Francia

RELATED ARTICLESMORE FROM AUTHOR