PHL stocks rally on December’s first trading day

By Leslie D. Venzon

MANILA, Dec. 1 (PNA) — The Philippine stock market opened the month on a high note rallying above the 7,000-level, bolstered by pent-up buying due to the extended weekend as well as buoyant markets across Asia.

The barometer stock index surged 133.53, or 1.93 percent, to 7,060.60 on Tuesday from Friday’s 6,927.07 finish.

There was no trading at the Philippine Stock Exchange on Monday in observance of Bonifacio Day.

RCBC Securities Inc. equity research analyst Ralph Christian Bodollo said improved November manufacturing data in Japan offset weak Chinese manufacturing data.

The market’s gain was led by property sector that surged 2.68 percent.

Other counters were in the positive territory, except industrial that lost slightly.

Value turnover was robust at Php9.99 billion after 1.71 billion shares changed hands.

Market breadth was positive as 104 advancers beat 68 decliners. (PNA)