Bulls sustain momentum

Positive spillover from Wall Street cheered investors despite the slowdown of the October inflation rate

The benchmark Philippine Stock Exchange index sustained its bullish momentum on Monday after it gained 67.99 points to 6,354.76, higher by 1.08 percent than last week’s closing.

Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the positive spillover from Wall Street cheered investors despite the slowdown of the October inflation rate.

“So far, the sentiment at home is turning bullish. Market participation has improved as well with a net value turnover of P5.41 billion, higher than last week’s average of P4.55 billion,” Alviar said.

Moderate uptrend

“Moreover, the PSEi’s short-term movement is an uptrend, with the 50-day EMA (exponential moving average) pointing upwards already. The local bourse’s immediate dynamic support would be its 50-day EMA while resistance is pegged at the 6,400 level,” she added.

Except for Miners, which lost 0.46 percent, all sectors were in the green, led by the Holdings, up by 1.41 percent.

Among index members, Jollibee Foods Corporation had the biggest gain of 3.94 percent, while Globe Telecom Inc. dropped the most amid a flat nine-months core net income.


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