PSEi extends winning streak to five days

Share prices on the Philippine Stock Exchange (PSE) climbed for the fifth consecutive trading day on Monday, this time on the back of economic data released the United States, GMA News reported.

The main PSEi rose by 28.14 points or 0.39 percent to close at 7,276.34. The broader All Shares gained 12.35 points or 0.28 percent to 4,366.15.

"Philippine shares finished higher despite mixed economic data from Friday night, which kept markets slightly in positive territory," Luis A. Limlingan, managing director at Regina Capital Development Corp., said in a text message.

According to Limlingan, US nonfarm payrolls for December pointed to a sustained momentum even if the numbers were below expectations.

"Nonfarm payrolls rose a seasonally adjusted 156,000 (market estimate 175,000). Employers hired 19,000 more workers than previously reported in October and November. For 2016 the economy added just 2.16 million jobs, the smallest gain for a calendar year since 2011. Job gains were broad," he said.

Summit Securities Inc. President Harry G. Liu expects investors to stay on the sidelines ahead of the press conference of US President-elect Donald Trump while the market crawls along an upward path.

"The next few days will be a little more on the upside. Everybody's on the sidelines watching cautiously," he said in a separate phone interview.

"Financial markets will be carefully tuned to President-elect Donald Trump's news conference on Wednesday, with his views on global trade and China under close scrutiny, although investors would be wary of chasing any big market moves higher," Reuters noted in a separate report.

More than 5.694 billion shares, valued at P5.245 billion, changed hands. Advancers led losers, 104 to 88, and 48 issues were unchanged.