MANILA, Dec. 1 (PNA) — The local stock market surged to a one-month high on Monday, extending its win streak for a second day, bolstered by expectations of lower consumer prices for this month.
The bellwether Philippine Stock Exchange index (PSEi) advanced 37.35 points to 7,331.73 from Friday’s 7,294.38 close.
The local index last hit the 7,300-mark on Nov. 3 when it ended 7,312.85.
Brokerage firm 2TradeAsia.com said hopes of lower consumer prices for November as well as expectations for extended stimulus calls from regional central banks aided buying appetite.
It said other investors also repositioned on prospects for improved consumer spending and low borrowing costs before the year ends.
Jun Calaycay, an analyst at Accord Capital Equities Corp. said December is traditionally a bullish season.
“The 7,400-mark remains within striking distance and there is still a glimmer of chance it will be reached, if not broken. It’s mainly sentiments that will drive markets from here on,” he said.
Counters were mixed, with the property, holding firms and services in positive territory.
The sub-indices of other sectors declined slightly.
A total of 3.16 billion shares valued at Php7.06 billion changed hands.
Market breadth was negative with decliners outpacing advancers, 118 to 62, while 41 issues unchanged.
The day’s top gainers were led by Swift Foods Inc., ATN Holdings Inc., iRipple Inc., Asiabest Group International Inc. and Primex Corp. (PNA)