By Arra B. Francia, Senior Reporter

SHARES firmed up on Monday following the positive performance of international markets last week.

The benchmark Philippine Stock Exchange index (PSEi) climbed 0.76% or 61.41 points to 8,045.39 yesterday, marking its third straight session of gains. The broader all-shares index likewise rose 0.44% or 21.52 points to 4,912.31.

“The index closed in the green today, up 61.41 points to close at 8,045.39, possibly buoyed by US markets closing in the green last night,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Monday.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan also attributed the PSEi’s performance to positive sentiment abroad.

“Increased probability of monetary easing and the suspension of Mexico tariffs helped get the PSEi off the ground this week,” Mr. Limlingan said in a mobile phone message.

US Federal Reserve Chairman Jerome Powell said last week that they may cut interest rates sooner than expected to temper the potential slowdown of the US economy due to its ongoing trade disputes with China and Mexico.

US President Donald J. Trump last week postponed the implementation of a 5% tax on all Mexican goods, given the condition that Mexico crack down on migration.

With this, the Dow Jones Industrial Average rallied 1.02% or 263.28 points to 25,983.94 last Friday. The S&P 500 index racked up 1.05% or 29.85 points to 2,873.34, while the Nasdaq Composite index had an uptick of 1.66% or 126.55 points to 7,742.10.

Back home, the financials counter was the lone one in the red although losing just 0.02% or 0.35 point to 1,736.48.

The rest went up, led by property which jumped 1.17% or 50.73 points to 4,384.39. Industrials advanced 0.99% or 114.97 points to 11,669; holding firms gained 0.67% or 51.50 points to 7,696.65; services picked up 0.27% or 4.65 points to 1,675.33; mining and oil added 0.18% or 13.73 points to 7,310.18.

Some 1.61 billion issues valued at P7.35 billion switched hands, higher than the previous session’s P4.24 billion.

Foreign investors reverted to net buying at P1.45 billion, snapping a three-day selling streak that ended last Friday with a P573.32-million net outflow.

Decliners outpaced advancers, 91 to 84, while 63 names were unchanged at the market’s close yesterday.

“Resistance for the index to look to [on Tuesday] would be its recent high around 8,139.74. We could expect volume to be light however, especially with the upcoming holiday this Wednesday,” Papa Securities’ Mr. Perez said.

Financial markets will be closed on Wednesday, June 12, for the country’s celebration of Independence Day.

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