PSEi rides on last week’s momentum, up 1.12%
The Philippine Stock Exchange index (PSEi) on Monday opened the week up 58.35 points or 1.12 percent, driven by last week's uptrend that prompted a broad-based rally in all the market’s sub-sectors.
More than 1.155 billion shares valued at P4.9 billion were traded. Winners led losers 84 to 60, with 45 issues unchanged.
Holdings firms went up by 1.58 percent, property by 1.42 percent, and financials by 1.4 percent.
Research head Freya Natividad of F. Yap Securities Inc. said today’s rally was a “continuation of… [last week’s] uptrend.”
“Previously battered sectors prompted today’s rally,” Natividad noted, citing the property, mining and oil – up by 1.17 percent – and holdings sub-sectors.
A third round of interest rate cuts enforced by the Bangko Sentral ng Pilipinas, as well as an assurance by the European Central Bank that it will preserve the euro, and end-of-month window dressing drove the market up by 66.99 points last Friday.
Juanis Barredo, marketing vice president for CitisecOnline Brokers, said the market performance is broad-based on Monday on the back of good leads from last week.
“Clearly there was a much broader movement today,” Barredo added. — VS, GMA News
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