Last-minute buying lifts stock market
THE stock market recovered on Wednesday, snapping a four-day losing streak as investors went on a last-minute buying spree.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.18 percent or 13.14 points to end at 7,540.92 after trading in negative territory throughout the day.
The broader All Shares, meanwhile, added 0.35 percent or 16.13 points to close at 4,595.05.
Diversified Securities Inc. trader Aniceto Pangan said investors loaded positions following a 300-point decline from last week that was fueled by fears Turkey’s financial crisis could spread elsewhere.
“Investors bargain-hunted after the oversold status of the market,” he added.
The Turkish lira has collapsed to record lows against the dollar as a dispute between Ankara and Washington intensified. It has managed to recover somewhat but news that Turkey would be hiking tariffs on some US imports again weighed on markets Wednesday.
The PSEi’s gain was an exception in Asia, where other stock markets fell on continued investor nervousness.
“The PSEi ended up trading sideways on low volume for the day as tensions from turkey might still be lingering despite the lira’s recent recovery and strength from the US markets last night,” Papa Securities Corp. trader Gio Perez said.
Perez added that “7,500 seems to be holding at the moment as the index’s initial support area so we could use this as reference in the next few days.”
Sectoral results were mixed, with the mining and oil, services, and property indices losing 1.56 percent, 0.32 percent, and 0.06 percent, respectively
Volume turnover was 1.97 billion issues valued at P5.1 billion.
Winners led losers, 113 to 91, while 60 issues were unchanged.
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