MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rose 0.38 percent or 22.42 points to 5,997.04 as investors turned optimistic given positive developments overseas.
“A discernible shift towards optimism continues to visit upon the market as the week opened,” said Justino Calaycay, an analyst at Accord Capital Equities Corp.
“Still, the pace remains rather slow, evidencing a hangover of hesitation ahead of the crucial Federal Reserve meeting two weeks henceforth,” Calaycay said.
The markets expects the US Fed to start tapering off its bond buying stimulus program, which has boosted liquidity in the financial markets.
Asian bourses were also in the positive territory on the back of news on export growth and steady inflation in China.
Japan’s Nikkei 225 rallied 2.48 percent or 344.42 points to 14,205.23 while Hong Kong’s Hang Seng index gained 0.37 percent or 83.75 points to 22,704.97.
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Locally, all counters were in the green, led by industrial sector that added 0.69 percent or 63.40 points to 9,303.92.
Turnover remained thin at P5.4 billion from P5.37 billion on Friday. Advancers outpaced decliners, 89 to 53, while 32 stocks did not change.
“The PSEi made an early foray into and test of the 6,000-mark but continues to fail to hold as value turnover remains light,” Calaycay said.