April 25, 2019
THE stock market recovered on Wednesday following record overnight gains on Wall Street although not all Asian bourses ended the day higher.
The bellwether Philippine Stock Exchange index (PSEi) grew by 0.36 percent or 28.06 points to close at 7,846.99 while the wider All Shares rose 0.14 percent or 7.01 points to end at 4,846.05.
P2P Trade Online sales associate Gabriel Jose Perez said the local market cheered the previous day’s Wall Street rally, where the S&P 500 and Nasdaq jumped to all-time records on Tuesday following a barrage of mostly positive earnings reports that boosted confidence in the US economic outlook.
The broad-based S&P 500 finished at 2,933.68, up 0.9 percent and three points above the previous record in September, while the tech-rich Nasdaq Composite Index advanced 1.3 percent to 8,120.82, also a record.
The Dow Jones Industrial Average gained 0.6 percent, rising to 26,656.39 — about 170 points short of its own all-time high.
However, while Asian dealers were generally upbeat they were unable to capitalize on Wall Street’s performance, with major indexes shifting in and out of positive territory through the day.
Shanghai finished up 0.1 percent, while Singapore put on 0.2 percent and Sydney jumped one percent as a drop in Australian inflation raised the chances of an interest rate cut by the country’s central bank.
There were also positive performances in Wellington, Taipei, Mumbai and Bangkok.
Hong Kong, on the other hand, fell 0.5 percent while Tokyo finished 0.3 percent off with Seoul also 0.9 percent lower.
In early trade, London fell 0.4 percent and Paris shed 0.2 percent but Frankfurt added 0.1 percent.
“Moves to watch out for in the last two days of the week would be if US markets continue their surge. Oil’s move should also be watched,” Perez said.
In Manila, sectoral results were mixed with services, industrial, and financials down 1.68 percent, 0.62 percent, and 0.10 percent, respectively.
More than 652 million shares valued at P8.1 billion were traded.
Losers led winners, 105 to 87, while 51 issues remained unchanged.
With a reports from AFP
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