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MANILA - (UPDATED 4:52 p.m.) Philippine share prices on Monday broke their four-day losing streak to return above the 5,300 level anchored on the gains of the property sector.
At the Philippine Stock Exchange, the composite index added 33.54 points or 0.63 percent to close at 5,325.60.
The property counter rallied 1.60 percent to lead the day's ascent anchored on the gains of Ayala Land, SM Prime and Filinvest Land.
Advancers beat decliners, 79 to 68, while 41 issues were flat. A total of 2.67 billion stocks worth P4.22 billion changed hands.
Actively traded stocks were Ayala Land, Alliance Global, Security Bank, Metrobank and SM Investments.
Top gainers were Republic Glass Holdings, Euro-Med Laboratories and Anchor Land, while the biggest losers were Omico, Concrete Aggregates and Jolliville.
"Foreign funds continue to come in with liquidity being created by the United States and Europe. We continue to benefit from the inflow of foreign funds. Our fundamentals are the main attractions. With the prospects of a credit rating upgrade and growth in GDP, things seem to be looking good moving forward," said Jose Vistan of AB Capital Securities Inc.
Gross domestic product is the total amount of goods and services produced in the country and as such is a measure of the economy's performance.
Local share prices advanced off the opening bell, breaching past the 5,300-mark at the close of the morning session.
"This should provide momentum for the week, especially if supported by positive data from the US. We may see an interim breach of the 5,330-line with an initial cap at the 5,350-mark," said Jun Calaycay of Accord Capital Equities Corp.
For the rest of the week, the PSEi is expected to move sideways in the absence of fresh catalysts, Vistan said.
"You have this sense na parang ang bagal ng market. You don't feel like we're up 33 points," he said.
The local equities market bucked the weakness in regional markets on renewed concerns in Europe over the lack of progress in Greece's budget cuts.
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