Local stocks extend climb

The local bourse extended its climb on Monday to close just above the 6,300 level as investors expressed optimism over China’s plans to boost consumption.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.19 percent, or 12.08 points, to 6,306.19, marking its three consecutive sessions of climbs.

The broader All Shares Index likewise gained by 0.03 percent, or 1.22 points, to close at 3,722.82.

Value turnover was at P4.81 billion, or below the year-to-date average of P5.3 billion, data from Philstocks Financial Inc. show. Foreigners made net purchases worth P357.25 million.

Japhet Tantiangco, research head at Philstocks, said the index’s gain mirrored that of its regional peers after China “revealed a special action plan to boost its economy’s consumption.”

Among the most anticipated parts of the 30-point action plan was a “reasonable growth of wage income,” according to reports.

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Only the conglomerates and services firms booked gains as index heavyweights International Container Terminal Services Inc. (ICTSI), Ayala Corp. and SM Investments Corp. all climbed.

BDO Unibank Inc. was the top-traded stock as it slipped by 1.21 percent to P163 each. It was followed by ICTSI, up 3.15 percent to P393; Ayala, up 0.08 percent to P605.50; Bank of the Philippine Islands, down 0.74 percent to P135; and Ayala Land Inc., down 0.67 percent to P22.15 per share.

Other actively traded stocks were Converge ICT Solutions Inc., up 3.83 percent to P17.34; DigiPlus Interactive Corp., down 0.27 percent to P36.90; and Metropolitan Bank and Trust Co., up 0.41 percent to P72.75.