“The Philippine market kicked off the last few days of May in the green after taking a momentary breather last Friday as window dressing started,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
Limlingan also said markets welcomed the release of real GDP (gross domestic product) growth in the United States, which was revised up by five tenths to +1.2 percent for the first quarter.
Relative to forecasts, the upside came from a larger-than expected revision to business fixed investment, though personal consumption was also revised up meaningfully. In contrast, gross domestic income and corporate profits were relatively weak.
At the local market, the day’s gains were led by the property counter, which rose by 1.44 percent while the financial and industrial indices slipped.
The holding firm, services and mining/oil counters all declined.
Total value turnover amounted to P8.6 billion. Foreigners were net buyers for the day to the tune of P674 million.
Market breadth was neutral as advancers equaled decliners (95 each).
The day’s most actively traded stock was Eagle Cement, which rose by 2 percent as public trading of its shares began.
On the other hand, the PSEi was led higher by SM Prime and Petron, which both rose by over 2 percent, while Ayala Land, Megaworld and BDO all gained over 1 percent.
GT Capital, PLDT, Ayala Corp. and Metrobank likewise contributed gains.
Outside of the PSEi, another notable gainer was Pilipinas Shell, which rose by 2.8 percent.
On the other hand, URC fell by 1.02 percent while Security Bank also dipped.
