Today starts the month of 'ber'; (sept., oct., nov., DECEMBER...) everybody must be merry.

OPTIMISM borrowed from anticipations of the Fed’s continuing policy and monetary interventions to prop the US economy and an ebbing of dissent for a wider European rescue package provided a much needed impetus for equities across the region, including Philippine stocks.

The soon-to-be-reconstituted composite index added 42.94 points (1.0%) to 4,348.50. The broader All Shares Index rose by a wider 1.07% to 3,041.67. All sectors posted gains, with Industrials and Financials the RP stocks rise with region least with 0.32% and 0.78%, respectively. Volume turnover spiked to 6.492 billion, 80% more than the year-to-date daily average. Value flow was just marginally above the average at php4.912 billion.

The disparity in the numbers is indicative of investors’ focusing more on third-line counters with bigger lots (volume) and smaller prices (value.) This is evident in the actives list where two of the top three, combining for nearly 1.0 billion of the shares turnover, traded at no more than php1.70 (LC-php1.61 and BHI-php0.46.)

The over-all picture for the day is less encouraging, however, as the market practically went downhill past the first hour. Market breadth was positive as 101 stocks advanced against 42 that fell.

Nevertheless, a good number of blue chip, market cap heavy and second-line counters attracted enough attention to keep the index up at the closing bell.
source- Philstock Research Group