Philippine Stocks Continue to Rally; PSEi Up 11.38 Points

PHILIPPINES – Stocks traded at the Philippine Stock Exchange (PSE) continued last week’s winning streak in today’s trading session, with the PSE Index (PSEi) ending the day 0.16 percent higher and the wider all shares gaining by 0.35 percent.

The US Federal Reserves decision to postpone raising rates coninues to push the stocks up. On Monday, China also called on the US central bank to hold off raising the rates as the global economy continues to face challenges.

The PSEi was up 11.38 points at the end of the trading day today to remain above the 7,000 mark. It posted a value of 7,150.29 when the trading bell sounded off.

Top gainer among the blue chip stocks were First Gen Corporation (PSE:FGEN), which gained 5.34 percent to trade at Php24.65 a share at the close. Energy Development Corporation (PSE:EDC) also helped pushed the index higher after gaining 4.75 percent to trade at Php6.39.

Eleven blue chip stocks declined in today’s trading but that did not prevent the index from posting gains. Top losser in the index was San Miguel Corporation (PSE:SMC), which declined 4.40 percent to end the day at Php47.75.

There were 120 stocks that advanced while 72 declined. Thirty-two stocks remained unchanged on Monday.

The wider All Shares gained 14.38 points in today’s trading session, continuing the rally last week.

Shares of F & J Prince Holdings Corporation (PSE:FJPB) topped the advances after gaining a whooping 49.83 percent in today’s trading session. The company told the Philippine Stock Exchange that it did not know of any marketing moving news or disclosures that triggered the rise of its stock.

Now Corporation (PSE:NOW)’s stock also posted a double-digit gain of 47.37 percent to trade at Php0.57 a share.

Of all the indices at the local bourse, only the Property sector posted a decline in today’s trading. – BusinessNewsAsia.com