Buoyed by technical and fundamental support, Philippine stocks
climbed to all-time high territory for the 6th consecutive trading day
Monday and the 33rd all-time high in the year to date.
Trading was active, reflecting a confirmation of the uptrend by the
level of liquidity, said Freya Natividad, head of research at F. Yap
Securities Inc.
“Technically, we broke the
ascending triangle which means this is a real uptrend for the market,”
said Natividad, noting the triangle was the upward market consolidation
from May to November during which there were no steep corrections toward
the 5,500 resistance level.
“On the macro
fundamentals, we are backed by the 7.1-percent growth of the GDP in the
third quarter and the benign inflation and low interest rates,” she
said.
The main PSEi gained 32.25 points or 0.57 percent to close at 5,672.70.
More than 2.365 billion shares valued at P10.742 billion, including block sales, were traded.
Winners led losers 79 to 75, while 41 issues were unchanged.
The Property and Financial sectors were the heavy gainers, recording
gains of 1.28 percent and 1.72 percent, respectively. “These are the
interest-rate sensitive sectors that are benefiting from the market's
macrofundamental environment,” said Natividad. — BM, GMA News
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