MANILA, June 9 (PNA) — The Philippine stock barometer regained an upward momentum and surged along with other Asian bourses on Monday, bolstered by robust economic data of United States and China, two of the world’s largest economies.
The Philippine stock exchange index (PSEi) edged up 40.11 points to 6,802.73 from Friday’s 6,762.62 finish.
”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 Jun Calaycay, an analyst at Accord Capital Equities Corp.
Calaycay said the Philippine and other Asian stocks also got boosts from robust economic data of China and US.
He noted that trade surplus widened 75 percent in May to $ 35.92 billion, tempering investors’ concern over a slowing Chinese economy.
Calaycay said consumer spending in the US surged mainly through card transactions, signalling Americans are increasingly becoming more confident of their cash flows moving forward.
Almost all counters were in the positive territory, except for financials and mining and oil that declined slightly.
Volume of transactions reached 4.64 billion shares valued at P6.24 billion.
Advancers outweighed decliners, 98 to 73, while 47 issues were unchanged.(PNA)