Last-minute rally boosts index
MANILA, Philippines — Share prices climbed yesterday on a last-minute rally, with the benchmark Philippine Stock Exchange Composite index (PSEi) gaining 80.64 points to close at 5,944.87.
The broader All Shares index was up as well, ending 33.43 points higher at 3,562.28.
Most of the sectors, led by the financial, services and holdings firms, ended in positive territory.
Total value turnover reached P5.425 billion even as market breadth was negative with 108 losers and 81 gainers, while 53 issues did not move.
Foreign selling prevailed at P1.76 billion against foreign buying of P1.21 billion.
“The first day of October looks good as the PSEi gained 1.38 percent. Banks, services, conglomerates, property and industrials tracked gains, “ said DA Market Securities.
“Local markets surged past the 5,900 mark on last-minute buying. SM Prime Holdings finished higher by two percent, SM was up 1.1 percent and ICSTI rose 4.8 percent. These companies led the rally, accounting for 34 points of the total rise today,” said AB Capital Securities
Moving forward, analysts said traders may continue to wait for stronger catalysts to stay in the market with more conviction.
The latest inflation report will be due on Oct. 6, which could also provide a signal to the market.
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