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MANILA - (UPDATED 4:34 p.m.) Philippine share prices on Monday resumed their uptrend to stay above the 5,300 level, still drawing inspiration from the Federal Reserve's decision to boost the US economy and drive jobs growth.
At the Philippine Stock Exchange, the composite index rose 28.43 points or 0.53 percent to close at 5,350.90, just a few points away from its record high of 5,369.98.
Leading the market's ascent was the property sector, which rallied 1.19 percent.
Advancers outnumbered decliners, 85 to 65, while 56 issues were unchanged. A total of 1.58 billion stocks worth P5.48 billion changed hands.
"Another positive session greeted the week as sentiment remained upbeat following the US Fed's third round of quantitative easing. Large-cap index leaders led the rally especially with TEL's $1.88 per share rise to $68.97 apiece in US trading," Freya Natividad, investment analyst at 2TradeAsia.com, said.
"We saw some profit-taking on rallies after the long consolidation. Within the week, we'll see a rally, but there might be bottlenecks when the PSEi nears 5,400. We might settle in the 5,300 to 5,400 range, barring any negative news from Europe," said Natividad.
"It's the end of the ghost month. The market's waiting for the US market to correct. When it corrects, we will join the rally then we may finally break past the 5,400 level," said Joseph Roxas, president at Eagle Equities Inc.
Actively traded stocks were Ayala Land, PLDT, Universal Robina, Metrobank and SM Investments.
Top gainers were PNOC-EC, Cirtek and Omico, while the biggest losers were Roxas Holdings, United Paragon Mining and IP E-Game.
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