Share prices closed higher on follow-through interest on Monday following news China plans to stimulate its economy.
Analysts said China’s move could revitalize its economy and benefit its biggest trading partner, Southeast Asia.
On Sunday, China unveiled sweeping measures to boost domestic consumption, including income hikes and childcare subsidies, just days after financial regulators urged an easing of credit restrictions.
“The bourse rose further, joining its regional peers, as China revealed a special action plan to boost its economy’s consumption,” online stock trading platform Philstocks Financial Inc. said in its market recap.
The local market was also buoyed by a Reuters report that positive sentiment helped offset concerns about widening trade disputes after President Donald Trump last week threatened to impose 200 percent tariffs on European alcohol imports.
This led the Philippine Stock Exchange index (PSEi) to gain 12.08 points to close at 6,306.19, up 0.19 percent.
The broader All Shares index closed up 1.22 points or 0.03 percent at 3,722.82.
Gainers edged losers 94 to 92, with 59 stocks unchanged. Trading turnover reached P5.26 billion.
Philstocks Financial Inc., however, said trading was rather “tepid” given the backdrop of the market turnover that was “below the year-to-date average of P5.30 billion.”
“Sectors were mixed, with the services sector taking the lead, adding 1.57 percent. The miners were at the bottom, cutting 0.65 percent,” it said.
Most actively traded BDO Unibank Inc. dropped P2 to P163. International Container Terminal Services Inc. gained P12 to P393. Ayala Corp. closed up P0.50 at P605.50. Bank of the Philippine Islands shed P1 to P135. Ayala Land Inc. declined by P0.15 to P22.15. Converge ICT Solutions Inc. gained P0.64 to P17.34. DigiPlusInteractive Corp. dropped P0.10 to P36.90. Metropolitan Bank and Trust Co. firmed P0.30 to P72.75. China Banking Corp. closed P2.90 higher at P90. SM Investments Corp. gained P5 to P813.
