Index returns to 6,800 level on selective buying

MANILA, Philippines - Local stocks started the week on a positive note, returning to the 6,800 territory on selective buying.

The Philippine Stock Exchange index climbed 0.59 percent or 40.11 points to end at 6,802.73, while the broader all shares index rose 0.37 percent or 15.04 points to 4,088.32.

“A good number of second- and third-line issues drew early interest from investors, an obvious shift in preferences as blue-chip and index counters hover near the current year’s high,” said Justino B. Calaycay Jr., an analyst at Accord Capital Equities Corp.

Calaycay said stocks across Asia “started off the week on an encouraging note with the regional benchmark extending last week’s gains and the local index rebounding off Friday’s slide.”

Hong Kong’s Hang Seng, Japan’s Nikkei 225, Singapore’s Straits Times and Shanghai composite index posted gains yesterday.

Regional markets rode on Wall Street’s ascent last Friday on the back of strong payrolls data. The Dow Jones industrial average added 0.52 percent or 88.17 points to close at 16,924.28, while the broader Standard & Poor’s 500 index rose 0.46 percent or 8.98 points to 1,949.44, both fresh record highs.

At home, most counters were in the green, paced by holding firms that gained 0.81 percent or 49.94 points to ends at 6,215.35. But financial firms dropped 0.11 percent or 1.83 points to 1,594.87.

Turnover value eased to P6.24 billion from P7.83 billion on Friday. Gainers outpaced losers, 98 to 73, while 47 stocks did not change.