Pre-Xmas markets show strong gains

The local bourse and the currency ended trading in positive territory on the eve of Christmas holidays.

The benchmark Philippine Stock Exchange index (PSEi) gained for two straight days, increasing by 2.01 percent on Monday’s trade to 6,534.91 points.

All Shares likewise went up by 1.40 percent to 3,727.23 level.

All counters closed in the green, with the highest increase in shares from Industrial, up by 2.97 percent. This is followed by Mining and Oil, up by 2.23 percent to 7,526.29 points; Property, up by 2.31 percent to 2,368.11; Holding Firms, up by 1.78 percent to 5,633.93; Financials, up by 1.08 percent to 2,179.86; and Services, up by 1.02 percent to 2,095.10.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi performance before the Christmas break could be attributed to “possible window-dressing activities before the accounting year end” as well as with “two more trading days to go before the year-end.”

The stronger peso also supported the stock market’s trade on Monday. Gainers outpaced losers at 110 to 72, with 53 counters left unchanged. cl