PSEi rests from year’s 12th peak despite momentum

Advertisement
Font Size

THE Philippine Stock Exchange index (PSEi) yesterday hovered just below this year’s 12th record-high closing posted last Nov. 6, even as it stayed above 8,500 as a lift provided by Wall Street and many Asian peers offset the drag of October’s three-year-high inflation that nevertheless met market expectations.

PSEi ended down by a nearly flat 1.26 points or 0.01% at 8,521.81, while the all-shares index similarly gave up two points or 0.04% to 4,996.60. Sectoral indices were equally divided between those that gained and those that lost, while foreigners remained net buyers for a fourth straight trading day.

The main index had traded down by as much as 0.71% at 8,462.22 after opening slightly weaker at 8,519.66 from Monday’s 8,523.07 finish and peaked intraday at 8,543.41. Monday had seen this year’s 12th record-high finish of 8,523.07.

“The PSE index recovered from the dip [earlier in the day] by trailing the regional markets this afternoon as the Japanese stock market finished strong today due to favorable earnings report,” Jervin S. de Celis, equity trader at Timson Securities, Inc., said in a mobile message.

All three key Wall Street indices ended Monday at fresh record highs, while most other Asian bourses rallied: Japan’s Nikkei 225 and TOPIX Index, Hong Kong’s Hang Seng Index, Shanghai Composite Index, the Straits Times Index, the Jakarta Composite Index and the MSCI AC Asia Pacific gained 1.73%, 1.15%, 1.39%, 0.80%, 0.79%, 0.13% and 0.09%, respectively.

South Korea’s KOSPI Index, however, slipped by 0.16%.

For Regina Capital Development Corp. Managing Director Luis A. Limlingan, the “Philippine market traded flat… after establishing a new high yesterday.”

“Inflationary concerns was one of the factors as it hit a three-year high, touching at 3.5% for the month of October,” he said in a mobile text message on Tuesday.

“In addition, investors were digesting the news of more earnings announcements being released.”

The three local sectoral indices that gained were financials (13.61 points or 0.66% to close 2,069.33), property (25.95 points or 0.64% to 4,054.42) and services (3.89 points or 0.22% to 1,703.59).

Those that retreated were holding firms (61.76 points or 0.7% to 8,703.71), industrials (55.53 points or 0.5% to 10,971.31) as well as mining and oil (48.2 points or 0.36% to 13,259.91).

Stocks that declined outnumbered those that advanced 104 to 87, while 53 others were unchanged.

Trading volume thinned to 862.44 million worth P7.02 billion from Monday’s one billion worth P7.29 billion.

Foreigners remained largely buyers for a fourth straight trading day, although Tuesday’s P10.62-million net buying was the smallest amount in that period. — Janina C. Lim

Advertisement