Developments in the country’s vaccine rollout and results of the latest local manufacturing data prompted the main index to open the trading week in the positive territory.
The benchmark Philippine Stock Exchange index (PSEi) climbed 1.15 percent or 78.11 points to 6,872.97, while the wider All Shares gained 1.10 percent or 45.10 points to close at 4,165.40 on Monday.
AAA Equities head of research Christopher Mangun said the progress in the inoculation of the recently arrived vaccines improved the sentiment.
He added that the newly released Philippine manufacturing sector data for February, which expanded anew, confirmed the economy’s recovery to investors.
IHS Markit on Monday reported that the country’s factory output continued to improve in February, while the Purchasing Managers’ Index (PMI) was still at 52.5 last month.
Mangun continued that the market drew momentum from its rally last Friday and continued higher on less selling pressure.
Meanwhile, trading volumes declined as some investors remained on the sidelines due to uncertainties, according to Mangun.
“The main index has held support at 6,740 and may start moving towards its resistance at 7,000 in the coming days,” Mangun noted.
Regina Capital Development Corp. Managing Director Luis Limlingan, on the other hand, said signs of improving economic conditions spurred bargain hunting in the market.
“In the Philippines, factory activity last month remained somewhat stable, as the February PMI came in at 52.5,” Limlingan said.
All local shares were in the green with holding firms leading the gains at 1.39 percent.
Total volume turnover was at 8.72 billion shares valued at P8.34 billion.
Winners outpaced losers, 149 to 76, while 48 securities were unchanged.