PSE index up for 6th successive trading day on blue chips

The Philippines Stock Exchange index closed higher for the sixth successive trading day Monday, boosted by a shift toward blue chip issues. The PSE index gained 19.76 points or 0.54 percent to close at 3,613.37 as of the 12:10 p.m. market information posted on the exchange’s website. More than 1.397 billion shares changed hands valued at P4.96 billion. Decliners led advancers 70 to 60, while 38 issues closed unchanged from Friday’s levels. Traders and analysts observed a marked shift toward blue-chip shares from medium-sized issues. "The market is still strong," said Jose L. Vistan, an analyst of AB Capital Securities Inc. "Big cap issues, not the medium-sized [stocks] but the industry leaders," Vistan said, explaining what fueled the market. The round-number resistance is at 3,700, "but I'm not sure if this" will still hold, according to Vistan. —VS, GMANews.TV