MANILA, May 18 (PNA) — The local stock market regained the 7,900-mark on Monday, extending its winning streak to sixth straight session, still driven by corporate earnings and positive economic outlook.
The barometer Philippine Stock Exchange index (PSEi) closed 28.48 points higher at 7,910.43 from Friday’s 7,881.95 close.
In a market report, Accord Capital Equities Corp. said the PSEi continued to sustain an uptrend due to in-line domestic corporate earnings for first quarter and the still encouraging over-all economic outlook.
“(But) as the earnings season unwinds, the locals will once more be left “hostage” to external headwinds – at least until the GDP (gross domestic product) numbers are released next week,” he said.
Counters were mixed, with only mining and oil and industrial in negative territory.
Volume of trade remained thin at 757.24 million shares valued at Php6.82 billion.
Advancers almost equaled decliners, 94 to 93, while 42 issues were unchanged.
The day’s top active stocks were led by Universal Robina Corp., GT Capital Holdings Inc., Bank of the Philippine Islands, Alliance Global Group Inc. and BDO Unibank Inc. (PNA)