Index gains for fourth straight session

MANILA, Philippines – The stock market pared down gains during yesterday’s session, but still up for the fourth straight day as investors welcomed the US Fed’s action on interest rate.

However, analysts said profit taking may occur anytime this week and thus expect the market to correct in the coming days.

The benchmark Philippine Stock Exchange index (PSEi) gained 12.25 points or 0.15 percent to finish at 7,722.79, reaching a new 52-week high.

The broader All Shares index rose 8.66 points or 0.18 percent to end at 4,593.29.

Most of the counters closed in positive territory except for the industrial and property sector, which closed in the red.

Total value turn over reached P10.023 billion as advancers continued to keep their edge over decliners, 90 to 86 while 64 stocks were left unchanged.

The best performers of the session were Philippine Long Distance Telephone Co., which added 4.90 percent as well as the International Container Terminal Services Inc. which gained 5.74 percent.  Alliance Global Group Inc also went up 3.47 percent.

On the other hand, the worst performers were Megaworld, which shed 3.47 percent and GT Capital Holdings, which declined 2.87 percent as well as Aboitiz Power Corp., which fell 3.78 percent.

On Tuesday, the index rallied to its highest since May 26, 2015 when the index closed at 7,728.50.