MANILA, Philippines – Philippine stocks managed to rise yesterday on the back of a technical rally, causing the main composite index to end a five-day losing streak.
The benchmark index rose 0.27 percent or 19.07 points to 7,180. 34, while the broader all shares index gained 0.35 percent or 14.83 points to 4,254.47.
“Philippine share prices straddled yesterday’s closing line, rising and falling by no more than 10 points in morning trades. Positive momentum crept in gradually in post-break afternoon trades, pushing the measure past the day’s upside band limit,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr.
Most counters ended in positive territory, except for holding firms which slipped 0.05 percent or 3.07 points. Mining and oil firms led all gainers with a 1.23 percent or 218.48 points increase.
Value turnover inched up slightly to P6.71 billion from P6.19 billion last Monday.
”The evident drop in value turnover in the days since the PSEi hit a 15-month closing high of 7,314.94, the 20-point snap back in Tuesday’s trades and the index’s ability to stay above the 7,130-7,150 support range should be positives investors may look into heading into mid-week trades,” Calaycay said.
The volume of shares traded reached 2.24 billion, as advancers beat decliners, 101 to 70, while 52 stocks were unchanged.