Philippine stocks opened the week in the green, as investors looked for bargains after several weeks of decline.
The 30-company Philippine Stock Exchange index jumped 84.70 points, or 1.27 percent, to close at 6,761.35, while the broader all-shares index went up by 26.90 points, or 0.71 percent, to settle at 3,799.70.
Analysts said investors continued to hunt for bargains after the market has been on the downward trend for the past four weeks.
Despite the uptick in trading, Metropolitan Bank & Trust Co.’s research team expects the market to trade sideways this week, with a slight downward bias given the absence of significant catalysts to drive the market higher.
“While this week may be light on data, investors will focus on assessing the impacts of Typhoon Pepito [international name: Man-yi] and the conclusion of the 3Q 2024 earnings season,” Metrobank research said.
Indices ended mixed. Holding firms led the sectors this Monday, adding 3.59 percent, while mining and oil were at the bottom, declining 1.68 percent. Gainers edged losers, 97 to 94.
Trading was thin, with a net value turnover at P5.04 billion as foreign investors remained net sellers, with net outflows at P1.27 billion.
Ayala Corp. emerged as the top index gainer, jumping 6.83 percent to P657, while ACEN Corp. was the worst index performer, falling 3.41 percent to P4.25.
