Share prices rose slightly as bargain hunters took some consolation from some positive earnings results and positioned themselves for the release later this week of what they expect to be milder inflation for February.
On Monday, the benchmark Philippine Stock Exchange index (PSEi) closed higher by 39.22 points or 0.65 percent at 6,037.19.
The broader All Shares index gained 32 points or 0.89 percent to 3,620.12.
Losers edged gainers 120 to 75, with penny or centavo-priced stocks dominating the declines. Fifty-five stocks closed unchanged. Trading turnover reached P10.45 billion.
“The local market bounced back after two straight days of losses as investors hunted for bargains, backed by optimistic expectations towards the Philippines’ February inflation,” Philstocks said.
The stockbroker also said that “satisfactory fourth quarter and full-year 2024 corporate results also helped in pushing the market higher this Monday.”
“Gainers were trimmed in the final minutes, however, as investors maintained a cautious stance amid lingering uncertainties abroad,” Philstocks said.
“Sector-wise, the conglomerates were the top gainers, adding 2.9 percent. The services were at the bottom, cutting 1.38 percent,” it added.
Most actively traded BDO Unibank Inc. shed P3.50 to P146.50. Emperador Inc. declined by P0.14 to P12.16. Bank of the Philippine Islands gained P2.70 to P127. International Container Terminal Services Inc. dropped P9.80 to P340. Ayala Land Inc. eased P0.05 to P21.65. DigiPlus Interactive Corp. dropped P1.15 to P33.60. JG Summit Holdings Inc. added P0.46 to P16.32. Universal Robina Corp. was steady at P66.20. SM Investments Corp. gained P43 to P808. Filinvest REIT Corp. firmed P0.01 to P3.15.
