Stock market lifted by investor optimism
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 20 Feb 2019 16:19:50 +0000
THE stock market recovered on Wednesday as investors were said to be optimistic about inflation prospects and the resumption of US-China trade talks.
The benchmark Philippine Stock Exchange index (PSEi) grew by 1.35 percent or 105.49 points to close at 7,939.24 while the broader All Shares increased by 1.13 percent or 54.05 points to finish at 4,856.94.
AAA Southeast Equities Inc. President Matthew Cabangon said market players resumed buying following President Rodrigo Duterte’s
approval last week of the rice tariffication measure, which is expected to lower prices of the staple and thus lead to slower consumer price growth.
“It is worth noting that rice is one of the largest contributors to the national inflation figure,” Cabangon said.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said market players boosted portfolios as trade talks between the US and China resumed in Washington.
Wall Street’s main indices ended in the green overnight, with the Dow Jones up by 0.03 percent, while the S&P500 and Nasdaq grew by 0.15 percent and 0.19 percent, respectively.
In the region, only Jakarta ended in the red, dipping by 0.05 percent.
Tokyo increased by 0.60 percent, Shanghai grew 0.20 percent and Hong Kong jumped 1.01 percent. Seoul climbed 1.09 percent, Singapore rallied 0.68 percent, and Bangkok added 0.44 percent.
In Manila, all sectoral results were in the green except for services, which dipped by 0.02 percent.
Over 1.47 billion shares valued at P7.79 billion changed hands.
Winners led losers, 122 to 88, while 42 issues remained unchanged.
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