Shares sustain climb on Asia, Wall Street’s rise

in general, we see a continuation of the bullish sentiment sparked last week,” Angping and Associates Securities, Inc. equity trader Frank Gerard J. Barboza said on Monday.

Southeast Asian stock markets rose on Monday, in line with Asian peers on cues from Wall Street and firm crude oil prices amid continued US political uncertainty.

US stocks rose on Friday but closed below their session highs on renewed concerns about Donald J. Trump’s presidency, after two new reports related to a federal investigation into possible coordination between Russia and Mr. Trump’s election campaign.

MSCI’s broadest index of Asia- Pacific shares outside Japan climbed 0.90% on Monday helped by gains in Australia and Hong Kong stocks despite fresh curbs unveiled by regulators on the property markets in the latter.

Regina Capital Development Corp. President Marita A. Limlingan said despite the rise, the market is still in consolidation mode given the lack of strong indicators to change direction.

“Maybe if the President brings in substantial investments from Russia. Otherwise nothing on the radar at the moment,” Ms. Limlingan said.

President Rodrigo R. Duterte started a five-day trip to Russia on Monday to meet with Russian counterpart Vladimir Putin and forge stronger bonds with the country, amid the President’s plan to move foreign policy further away from longtime ally United States.

The mining and oil counter was the lone sector that ended in negative territory, posting a marginal decrease of 0.05% or 6.24% to 12,589.46.

The property sector led Monday’s gains, soaring 1.18% or 41.40 points to end at 3,539.17, followed by financials which rose 0.64% or 12.40 points to 1,937.07. The industrials counter rose 0.53% or 58.36 points to 11,070.73; services added 0.52% or 8.47 points to 1,616.40; and holding firms inched up by 0.19% or 15.04 points to settle at 7,933.27.

Value turnover more than doubled to P12.01 billion on Monday from Friday’s P5.97 billion, with 1.81 billion issues changing hands.

Foreigners turned buyers, netting P268.06 million, a reversal of Friday’s net outflow worth P559.48 million.

Decliners narrowly beat advancers, 96 to 92, while 42 issues were unchanged.

“We might see a tighter range from here on with an upward bias,” Angping and Associates’ Mr. Barboza said, pegging the PSEi’s range for the week at 7,650 to 7,860.