Stocks off to positive start for week

MANILA, Philippines – The local stock market was off to a good start yesterday as it advanced alongside its counterparts in the region.

The Philippine Stock Exchange index rose 48.60 points or 0.61 percent to close at 7,934.50, while the broader All Shares index added 17.19 points or 0.36 percent to settle at 4,753.01.

“Optimism flowed across the Asian region Monday, riding on the crest of record-breaking runs in US equities and a tempered decline in Europe last Friday. China’s economy remains on track to hitting modest growth targets this year,” said Justino Calaycay Jr., senior research analyst at Philstocks Financial Inc.

Calaycay noted, however, that yesterday’s trades again highlighted the challenge prices meet as the index rises toward the 8,000-mark.

All local counters finished in the green, except for financials which dipped 0.03 percent.

The rest of the field posted marginal gains, led by property which increased 0.89 percent.

Market breadth turned out negative as decliners edged out advancers, 105 to 103, while 51 stocks were unchanged. Value turnover reached P6.57 billion.

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