MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rallied 94.43 points to 5,984.26, marking its best start since 2009. It was also the highest closing for the main index since ending at 6,008.94 on Dec. 9, 2013.
“We played catch up with the regional markets because for a few days we were on holiday,” said Astro del Castillo, managing director of First Grade Finance Inc. Financial markets just opened yesterday following the New Year holidays.
Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said yesterday’s run-up beat the 1.2-percent gain on the first trading day of 2013, 0.6 percent in 2012 and 0.3 percent in 2011. It is the best start for the main index since rallying 5.4 percent in the first trading day of 2009.
The broader all shares index gained 1.23 percent or 44.51 points to 3,658.83.
“Market breadth stayed widely positive the entire day, the bears hardly making a dent on the bull’s lead,” Calaycay said.
Local shares bucked the downtrend in Asia, weighed down by the slower-than-expected manufacturing numbers out of world’s second largest economy China in December.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Locally, all counters were in the green, paced by property firms that rallied 2.29 percent or 50.53 points to 2,255.98.
However, turnover remained thin as most investors were still on holiday mode, del Castillo said.
The value of shares traded declined to P3.81 billion from P6.38 billion on Dec. 27, the final trading day for 2013. Advancers dominated decliners, 105 to 36, while 34 stocks did not change.
Most active issues posted gains, led by Universal Robina Corp. (+4.33 percent) and ICTSI (+0.10 percent). But Lorenzo Shipping Corp. (-6.82 percent) and Vista Land & Lifescapes Inc. (-0.58 percent) closed lower.
Del Castillo said investors will likely return to normal trading activity and reposition their portfolio next week, the first full trading week for the local bourse.
For 2013, the bellwether index added 1.32 percent or 77.1 points to close at 5,889.83 from end-2012’s 5,812.73, allowing the local bourse to post its fifth straight annual gain.
