PSEi up slightly on bargain-hunting
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 23 Jul 2019 16:27:19 +0000
THE local stock market finished slightly higher or Tuesday as investors resorted to bargain-hunting at the close.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.06 percent or 4.63 points to close at 8,251.46 while the broader All Shares dipped by 0.07 percent or 3.72 points to finish at 4,990.95.
“Late afternoon bargain-hunting lifted the local market by 4.63 points,” brokerage firm Philstocks Financial Inc. said in a market note.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said focus also switched to reports that the United States and China were soon to meet for trade negotiations.
Locally, Philstocks said market players will now position ahead of the second quarter earnings results as well as the upcoming separate policy meetings of the Bangko Sentral ng Pilipinas and the Federal Reserve.
Wall Street opened the trading week in a sour note, with the Dow Jones down by 0.25 percent, the S&P 500 declined by 0.62 percent, and the Nasdaq dropped by 0.74 percent.
In Asia, Tokyo jumped 0.95 percent, Shanghai grew 0.45 percent, Hong Kong added 0.34 percent, Seoul rose 0.39 percent, and Singapore increased 0.41 percent.
Jakarta dropped 0.48 percent and Bangkok slipped 0.06 percent.
In Manila, sectoral results were mixed, with the financials and services indexes the only losers, down 0.98 percent and 0.37 percent, respectively.
More than 1.45 billion issues valued at P6.7 billion changed hands.
Losers led winners, 103 to 88, while 57 issues were unchanged.
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