PHL stocks back to 7,000

By Leslie D. Venzon

MANILA, Nov. 23 (PNA) — Local share prices surged back close to 7,000-level on Monday in anticipation of fourth-quarter window-dressing activities.

The benchmark Philippine Stock Exchange index (PSEi) advanced 63.38 points or 0.91 percent to 6,996.19 from Friday’s 6,932.81 close.

Online brokerage 2tradeAsia.com attributed the market’s sustained gains to expectations of seasonal window-dressing in fourth quarter, increased influx of remittances and improved consumer and investment spending given the Yuletide holidays

It said the local bourse also took its cue overseas as institutional funds factored-in a December rate hike from the Federal Reserve.

At home, counters were mixed with the market’s gains led by industrial sector that surged 1.32 percent.

The mining and oil and financials sectors were in the negative territory.

A total of 606.44 million shares valued at Php5.30 billion changed hands.

Market breadth was negative with decliners dominating advancers, 86 to 77, while 43 issues unchanged. (PNA)