PSEi tops 8,100, hits 10-month high
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 01 Feb 2019 17:01:57 +0000
THE stock market rose to a 10-month high on Friday as market players took heart from expectations of a lower inflation and the US Federal Reserve’s decision to keep interest rates unchanged.
The Philippine Stock Exchange index (PSEi) grew by 1.71 percent or 136.68 points to close at 8,144.16 — the highest since March 19, 2018’s 8,235.54. The wider All Shares increased by 1.65 percent or 79.66 points to finish at 4,909.51.
P2P Trade Online’s Arbee Lu said investors cheered the Bangko Sentral ng Pilipinas’ (BSP) announcement that inflation likely eased for a third straight month in January.
In issuing a 4.3-5.1 percent forecast — the upper end corresponds to the result in December — the BSP said higher fuel, fish and vegetable prices were likely offset by a stronger peso and lower rice and power prices.
Overseas, meanwhile, the US central bank said it would remain patient as it kept policy rates unchanged during its first meeting for the year, easing concerns over its tightening pace.
With the market breaching the 8,100 resistance, Lu said the next level to watch out for would be 8,500.
The PSEi’s rally followed mixed results overnight on Wall Street, where the Dow fell — but still posted its best January in 30 years — and the S&P 500 and the Nasdaq rose amid optimism over US-China trade talks.
Asian markets, meanwhile, mostly rose on Friday with investors opting for caution as the trade talks in Washington ended in no deal but with both sides sounding notes of optimism and scheduling more high-level meetings.
In the region, Tokyo eked out a 0.07-percent gain, Shanghai grew 1.30 percent, Jakarta rose 0.23 percent and Bangkok grew 0.46 percent.
Hong Kong and Seoul, meanwhile, dipped by 0.11 percent and 0.06 percent, respectively.
Back in Manila, all sectoral results were in the green, with the property sector up the most by 2.15 percent.
Volume turnover stood at 2.4 billion shares valued at P8.97 billion.
Winners led losers, 171 to 49, while 36 issues were unchanged.
with a report from AFP
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