September 12, 2019
THE stock market recovered on Wednesday after investors were encouraged by news that the Philippines is still expected to register economic growth of 6.1 percent for this year.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.49 percent or 38.42 points to finish at 7,967.90, while the wider All Shares climbed by 0.38 percent or 18.37 points to end at 4,804.82.
“The local market gained 0.48 percent…after Fitch [Ratings] maintained [its] 6.1-percent Philippine growth forecast” Philstocks Financial Inc. said in a market comment.
In a report on Tuesday, the global credit ratings agency said it was keeping its 2019 growth projection as it expected the country to bounce back in the second half of the year.
The figure is within the government’s 6- to 7-percent gross domestic product (GDP) growth range target.
The country’s economic growth slowed to 5.5 percent in the second quarter from 5.6 percent in the first.
“With the index’s good close today, we still look to its resistance at the key 8,000 mark,” Papa Securities sales associate Gabriel Jose Perez said.
Net foreign buying would help boost the index in the next trading days, he added.
Regina Capital Development Corp. head of sales Luis Limlingan said the bourse was seen to trade sideways for the rest of the week, ranging from 7,800 to 8,000 level.
The PSEi’s performance mirrored the Dow Jones and S&P 500, which rose by 0.28 percent and 0.03 percent, respectively. The Nasdaq fell by 0.04 percent.
In Asia, Tokyo climbed by 1.02 percent, Hong Kong surged by 1.63 percent, Seoul rose by 0.84 percent, Jakarta added 0.13 percent, Singapore jumped by 1.18 percent and
Thailand inched up by 0.11 percent. Shanghai, in contrast, dipped by 0.41 percent.
In Manila, all sectors ended in the green, with mining and oil leading at 1.28 percent.
Volume turnover stood at 713.50 million amounting to P6.66 billion.
Advancers led decliners, 119-65, while 58 issues were unchanged.
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