PSEi ends 3-day losing streak
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 28 May 2019 16:22:26 +0000
THE stock market snapped a three-day losing streak on Tuesday as investors repositioned portfolios following a rebalancing of the Morgan Stanley Capital International (MSCI).
The benchmark Philippine Stock Exchange index (PSEi) grew by 0.47 percent or 36.28 points to close at 7,761.29 while the broader All Shares rose by 0.52 percent or 24.62 points to end at 4,790.05.
“MSCI’s rebalancing actually ended up leading the index to close in the green,” P2P Trade Online sales associate Gabriel Jose Perez said.
Regina Capital Development Corp. Head of Sales Luis Limlingan shared the same view, saying market players paid attention to the rebalancing with cues limited as the US market was on a holiday break.
“With MSCI out of the way, issue to look now would be how US markets end up faring… especially with how they’re coming back from the Memorial Day holiday. Movement tonight could also influence how the PSEi moves tomorrow,” Perez added.
Regional markets were also up. Tokyo grew 0.37 percent, Shanghai rose 0.61 percent, Hong Kong increased 0.38 percent, Seoul added 0.23 percent, and Bangkok inched up by 0.04 percent.
Jakarta dropped 1.08 percent while Singapore slipped 0.15 percent.
In Manila, only financials and holding firms finished in the red, down 0.34 percent and 0.007 percent, respectively.
More than 1.5 billion issues were traded valued at P18 billion.
Winners led losers, 100 to 80, while 53 issues were unchanged.
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