MANILA, Philippines - Investors made their last-minute stock shopping yesterday before a long Christmas holiday break, extending the market’s winning streak to four consecutive trading days.
The Philippine Stock Exchange index (PSEi) gained 0.66 percent or 47.05 points to finish at 7,186.32 while the broader All Shares index climbed 0.55 percent or 23.19 points at 4,235.52.
Analysts again attributed Tuesday’s positive performance on the holiday rush in which investors took advantage of buying stocks.
The Christmas joy was likewise felt on markets abroad, with Asian shares finishing higher on the back of another Wall Street rally.
All three indexes in Wall Street ended in the positive territory led by the Dow which picked up 0.87 percent or 154.64 points.
Locally, all counters were on the green led by property and services firms which grew 1.35 percent and 1.27 percent, respectively.
Advancers remained ahead of decliners, 95 to 75, while 50 stocks were unchanged.
Value turnover thinned to P8.07 billion from P13.21 billion the previous day.
Tuesday’s trading was the stock market’s second to the last trading day for 2014. The market will be on a three-day hiatus and will resume action on Dec. 29.
“Since the government has declared the suspension of bank clearing and settlement operations for Dec. 24, 25, 26, 30 and 31, 2014 and Jan. 1 and 2, 2015, there will also be no trading, clearing and settlement at the PSE during these dates,” PSE president and CEO Hans B. Sicat said.
“We understand that prolonged breaks can be disruptive to the financial system especially in the context of globalizing environments and we have thus asked the Bangko Sentral ng Pilipinas to take into account in subsequent similar occasions opening clearing operations to minimize such disruptions,” Sicat added.
Read more on The Philippine Star.