PSEI hits 8,000 after nearly 3 mos
Credit to Author: Tyrone Jasper Piad| Date: Wed, 30 Oct 2019 18:26:03 +0000
THE stock market breached the 8,000 level again on Wednesday as more corporate-earning releases and positive developments on the US-China trade war continue to lift market sentiment.
The benchmark Philippine Stock Exchange index (PSEi) gained 0.36 percent or 28.87 points to end at 8,020.06, while the wider All Shares inched up by 0.29 percent or 13.94 points to finish at 4,801.11 on Wednesday.
The last time PSEi closed at the same level was on August 2 at 8,129.93.
“Philippine shares drifted for most of the session, but closed higher on window dressing toward the end as trade headlines and a spate of corporate earnings weighed on shares,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The United States and China are continuing their negotiations to finalize the so-called phase one of their trade agreement that covers the farming and banking industries.
There were worries, however, if the deal could be completed in time for its expected signing next month.
Among Philippine firms that released their nine-month financial performance reports was DM Wenceslao & Associates Inc., whose consolidated net income for the period climbed by 11.51 percent to P1.67 billion from P1.5 billion a year ago on the back of strong rental earnings.
“Trading volumes were slightly below average, but the pickup in foreign inflows helped propel it higher,” AAA Equities head of research Christopher Mangun said.
On Wall Street, markets were in decline. The Dow Jones, S&P 500 and Nasdaq all slipped by 0.07 percent, 0.08 percent and 0.59 percent, respectively.
In Asia, markets were mixed. Singapore rose 0.17 percent, Thailand climbed 0.21 percent and Vietnam was up 0.50 percent, but Tokyo plunged by 0.57 percent, Shanghai slid 0.50 percent, Hong Kong dropped 0.61 percent, Seoul fell 0.59 percent and Jakarta dipped 0.14 percent.
Back in Manila, sectors were mixed. Financials, holding firms and property increased, while the rest dropped.
Volume turnover stood at 1.13 billion shares amounting to P5.99 billion.
Advancers outpaced decliners, 90-80, while 54 issues were unchanged.
Thursday is the last trading day of the week. No trading on Friday in observance of All Saints’ Day.