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PSEi recovers on last-minute buying

August 20, 2019

Last-minute buying lifted the stock market to recover on Monday after ending in the loss for two consecutive trading days.

The bellwether Philippine Stock Exchange index (PSEi) climbed by 1.83 percent or 142.37 points to close at 7,938.35, while the wider All Shares rose 1.18 percent or 56.07 points to finish at 4,797.21.

“[T]he main index ends the day up 1.83 percent on last-minute buying. It had been flat prior to the close,” AAA Equities head of research Christopher Mangun said.

PSEi was only up by 0.22 percent to 7,813.03 during noon market recess. It also traded as low as 7,765.15 during intraday trading.

While the local bourse showed recovery, Mangun said “market sentiment for equities remains very cautious,” noting that the surge might just be temporary.

Papa Securities sales associate Gabriel Jose Perez, meanwhile, said the increase in net foreign buying buoyed the bourse.

However, it still registered a net foreign selling of P183 million on Monday, he noted.

Perez said net foreign inflows and US market movements “would likely tell the tale of the PSEi’s move as well,” urging investors to monitor these factors.

He pegged the resistance level at 8,000.

The Dow Jones, S&P 500 and Nasdaq were up by 1.20 percent, 1.44 percent and 1.67 percent respectively.

Asians markets all surged on Monday, with Hong Kong posting the highest gain at 2.11 percent.

Shanghai, Tokyo, Seoul, Thailand and Singapore rose by 2.1 percent, 0.71 percent, 0.66 percent, 0.43 percent and 0.37 percent, respectively.

In Manila, all sectors ended in the green, with mining and oil leading at 2.72 percent.

Volume turnover stood at 1.02 billion valued at P7.02 billion.

Advancers led decliners, 113-72, while 62 issues were unchanged.

Credit belongs to : www.manilatimes.net

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