Share prices extend winning streak

MANILA, Philippines -  The stock market extended its winning streak yesterday, fueled by the continued advance of US stocks.

The Philippine Stock Exchange index (PSEi) finished 33.83 points or 0.43 percent higher at 7,871.65 to remain unbeaten this week.

The broader All Shares index also advanced by 0.47 percent or 21.90 points to settle at 4,693.39.

“The market appears to have boxed the domestic risk (martial law in Mindanao) and set it aside for the moment. The last two days have moved following a similar pattern – weakness at the open posting marginal gains at the noon break before a controlled move to the buy-side to push the measure higher at the closing bell,” Philstocks Financial Inc. senior research analyst Jun Calaycay said.

“A couple of index heavyweights, battered over the recent past, has attracted attention, value-wise,” he added.

Abroad, US stocks climbed overnight while its European counterparts ended mostly flat.

In the local shores, counters were dominated by losers, with industrial leading the decline at 0.34 percent.

Services and property counters, meanwhile, finished strong, adding 3.26 percent and 1.05 percent, respectively.

Market breadth turned out positive as advancers crushed decliners, 103 to 84, while 53 stocks were unchanged.

Value turnover improved slightly from the previous day to P6.49 billion.