Phl shares resume uptrend on window dressing

Philippine shares resumed an uptrend on Wednesday after a fourday break, as investors bought into select stocks before the year’s end.

The bellwether PSEi gained 58.60 points or 0.70 percent to close at 8,490.91. The broader All Shares climbed 20.10 points or 0.41 percent to 4,941.51.

“Window dressing. You’re seeing this year’s top-performing stocks like BDO, AC, ALI, SM, and SMPH being bought up today,” Jeffrey Lucero, equity research analyst at RCBC Securities Inc., said.

BDO gained P2.20 or 1.43 percent per share to close at P155.80 per share, while Ayala Corp. climbed P19.00 or 1.88 percent to P1,029.00.

Ayala Land increased by P0.55 or 1.27 percent to P43.80, SM Investments rose by P5 or 0.51 percent to P989.50, and SM Prime gained P0.45 or 1.22 percent to P37.45 per share.

“Thankfully, the stocks which were bought up were weighted heavier on the PSEi compared with those sold down, hence the rally,” Lucero noted.

More than 1.226 billion shares, valued at P3.596 billion, changed hands. Decliners led advancers, 104 to 103, and 43 issues were unchanged.

Foreign funds bought P1.704 billion of shares during the session and sold P1.354 billion for a net buying position of P349.458 million.

“Note that value turnover is expected to remain low as some investors may be on a prolonged holiday,” said Lucero.

Trading resumed on Wednesday after a fourday Christmas break.

Two more trading days are left this 2017 before the market goes on a four-day weekend for the New Year’s holiday. Trading will resume on Wednesday, January 3, 2018.