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MANILA - (UPDATED: 4:39 p.m.) Easing concern over the European crisis lifted Philippine stocks on Monday, with the benchmark index climbing past 5,300 and nearing the all-time intra-day high of 5,329.76.
At the Philippine Stock Exchange, the composite index moved up 68.35 points to 5,314.76 at mid-day, before retreating to 5,300.24.
All counters were in positive territory, with the biggest gain logged by the services subsector, which climbed 1.73 percent.
About 2.6 billion shares worth P6.58 billion changed hands. Gainers beat decliners 108 to 65 while 39 stocks were unchanged.
Most active stocks were Megaworld and PLDT, both of which were in the green, while ICTSI ended the day flat. Other top gainers were Metrobank and Ayala Land.
According to Jun Calaycay of Accord Capital Equities Corp., the main index more than doubled its 31.87-point surge at the opening bell to as much as 70.46 points prior to the noon recess.
Investors' confidence rose following the release of above-forecast manufacturing numbers from Japan and China, Asia’s largest economies. Calaycay said this overshadowed expectations of weak jobs numbers from the US.
Calaycay also attributed the local market's climb to easing concern for Europe after its leaders agreed in principle to bail out troubled banks. Another birght spot for investors were expectations that the Philippine economy may have replicated the surprise growth in the first quarter, when the country's gross domestic product grew by 6.4 percent.
"Heading deeper into the week, however, we keep the flag of caution raised. Monday’s opening trades validates resistance at the 5,300-line. Although the level has been broken on the upside, this requires confirmation in the succeeding days," Calaycay said.
"Investors may need more reason, other than those already laid on the present table of considerations, to sustain the push towards a re-writing of record index levels," he added.
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