PSEi ends 2-day loss, rises past 7,800
Credit to Author: Tyrone Jasper C. Piad| Date: Wed, 27 Nov 2019 17:00:54 +0000
The stock market ended its two-day losing streak on Wednesday as investors stack up shares ahead of an upcoming Christmas rally.
The benchmark Philippine Stock Exchange index (PSEi) increased by 1.68 percent or 129.09 points to close at 7,836.89, while the wider All Shares gained 1.27 percent or 58.64 points to finish at 4,685.89.
“Post MSCI (Morgan Stanley Capital International) rebalancing, shares we heavily bought up by the market as investors brace for window dressing and the beginning on the Christmas rally,” Regina Capital Development Corp. head of sales Luis Limlingan said.
This, as investors await more developments from the long-standing trade war between the United States and China, he added.
US President Donald Trump recently said both countries were nearing the conclusion of the first phase of an interim trade deal that covers the farming and banking industries.
“Resistance should the recovery continue for the last two days of the week would be at the critical 8,000 level once again,” Papa Securities sales associate Gabriel Jose Perez said.
Wall Street was up, with the Dow Jones, S&P 500 and Nasdaq rising by 0.20 percent, 0.22 percent and 0.18 percent, respectively.
Markets were mixed in Asia. Tokyo added 0.28 percent, Hong Kong inched up by 0.09 percent, Seoul gained 0.31 percent and Singapore increased by 0.16 percent. Shanghai slid by 0.13 percent, Jakarta shed 0.09 percent and Thailand fell by 0.08 percent.
In Manila, all sectors were up except for services which fell by 0.46 percent.
Over 1.8 billion shares were traded for P7.68 billion.
Winners led losers, 102-77, while 54 issues did not change hands.