PSEi nears 7,800 on bargain-hunting
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 29 May 2019 16:19:07 +0000
THE stock market rose further on Wednesday, with analysts pointing to bargain-hunting as having lifted the index.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.47 percent or 36.46 points to close at 7,797.75, while the wider All Shares grew 0.31 percent or 14.74 points to finish at 4,804.79.
“PSEi closed higher…on the back of bargain-hunting, fueled by a better competitive ranking from the International Institute for Management Development (IMD),” online brokerage firm
Philstocks Financial Inc. said in a market note.
The IMD’s 2019 World Competitiveness Yearbook showed that the country climbed four spots to 46th out of 63 countries after it posted improvements in economic performance, business efficiency, government efficiency and infrastructure.
Economic performance showed the biggest improvement — to 38th from 50th — followed by business efficiency (32nd from 38th), government efficiency (41st from 44th) and infrastructure (59th from 60th).
Looking ahead, P2P Trade Online sales associate Gabriel Jose Perez said the market would continue to track how the US market will perform.
“A solid break above the 7,800 area puts the next resistance around 8,000,” he added.
In the US, the Dow Jones dropped by 0.93 percent, the S&P 500 declined 0.84 percent, and the Nasdaq decreased 0.39 percent.
In the region, Tokyo lost 1.21 percent, Hong Kong shed 0.57 percent, Seoul slipped 1.25 percent, Singapore dipped 0.06 percent, and Bangkok dived 0.71 percent.
Shanghai grew 0.16 percent while Jakarta rose 1.18 percent.
In Manila, sectoral results were mixed, with the property, holding firms, and industrial indices growing 0.04 percent, 1.06 percent, and 1.29 percent, respectively.
More than 650 million issues were traded valued at P6.1 billion.
Losers and winners matched at 92, while 52 issues were unchanged.
The post PSEi nears 7,800 on bargain-hunting appeared first on The Manila Times Online.