PHL shares open firmer on Wall St. gains, but profit-taking weighs

Philippine share prices bounced back from a slump Friday, as investors took the cue from Wall Street's record gains that gave the market a much needed lift in the opening trades Monday.

 

However, the tendency to take profits is weighing against the market.

 

"We're expecting a positive trend today, given the Wall Street gains on Friday and pending local news at home," Freya Natividad, analyst at 2TradeAsia.com, told GMA News Online.

 

Stocks "hammered" last week like property, mining and oil, and holding firms are "expected to recover," Natividad noted.

 

The main PSEi index opened 8.51 points or 0.12 percent higher to 7,288.38. It went up to 7,300.22, an increase of 20.35 points or 0.28 percent.

 

However, the benchmark index slipped by 0.01 to 7,279.490 as of 10:33 a.m.

 

PHL shares ended last week down by 31.07 points or 0.43 percent to 7,279.87 as investors took to profit-taking after the main PSEi attained its 31st record close to 7,392.20 on May 15.

 

According to Reuters, US stocks climbed into uncharted territory on Friday, racking up gains four weeks in a row as encouraging economic data prompted investors to pick up shares of growth companies. 

 

The Dow Jones industrial average gained 121.18 points, or 0.80 percent, to close at a record 15,354.40. The Standard & Poor's 500 Index rose 15.65 points, or 0.95 percent, to end at a record 1,666.12. The Nasdaq Composite Index climbed 33.72 points, or 0.97 percent, to finish at 3,498.97 - its highest close since October 2000. — VS, GMA News