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Bargain hunting lifts stocks index, peso

A decline of oil prices overnight partly improved the risk-on sentiments in the local bourse resulting in the positive close of both the main equities index and the peso yesterday. 

The Philippine Stock Exchange index (PSEi) increased by 0.64 percent, or 46.50 points, to 7,266.31 points. 

All Shares followed with a jump of 0.46 percent, or 20.47 points, to 4,451.40 points. 

However, most of the sectoral indexes ended the day in the negative territory with the Mining and Oil index declining by 0.91 percent; Financials, 0.72 percent; Property, 0.65 percent; and Services, 0.45 percent. 

On the other hand, Holding Firms rose by 2.11 percent and Industrial by 1.26 percent. 

Volume totaled 1.34 billion shares amounting to PHP8.54 billion. 

Advancers led decliners at 105 to 90, while 51 shares were unchanged. 

“Philippine shares climbed once more as a whipsaw in global energy prices relieved some pressure on the market and 10-year Treasury yields gave up most gains,” said Luis Limlingan, Regina Capital Development Corporation head of sales. 

Limlingan also cited the mixed economic data overseas “hence, investors opted to bargain hunt in the local bourse.” 

One of these data includes the 4.9-percent expansion of the Chinese economy for the third quarter this year, which is lower than the previous quarter’s 7.9 percent. 

Limlingan said “fund managers also continue to digest the prospect of tightening monetary policy to restrain a surge in inflation stoked partly by energy costs.” 

Meanwhile, the local currency finished the trade at 50.72 to a US dollar, better than its 50.84 finish a day ago.

It opened the day at 50.82 and traded between 50.68 and 50.86. 

Average level for the day stood at 50.755. 

Volume totaled USD999 million, higher than the previous day’s USD829.49 million.*PNA

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November 2022
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