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Last-minute buying lifts PSEi

October 18, 2019

THE stock market finished trading at the 7,900 level for the second straight day on Thursday as investors hunted for bargains at the last minute.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.19 percent or 15.25 points to close at 7,930.55, while the wider All Shares climbed by 0.15 percent or 7.24 points to finish at 4,770.93.

“Philippine stocks traded negative for most of the session before closing slightly up,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

The bourse opened at 7,913.55 — slightly weaker from its previous day’s closing of 7,915.30 — dipping to as low as 7,894.58 before ending at 7,930.55.

Meanwhile, Philstocks Financial Inc. said “afternoon bargain-hunting, backed by [the anticipated release of] third-quarter earnings, [lifted] the local market.”

Firms are set to announce the results of its nine-month and third-quarter financial performance in the coming weeks.

American markets were down, with the Dow Jones, S&P and Nasdaq slipping by 0.08 percent, 0.20 percent and 0.30 percent, respectively.

Most of Asian markets mirrored their decline: Tokyo dropped by 0.09 percent, Shanghai dipped by 0.05 percent, Seoul fell by 0.23 percent, Jakarta slid by 0.01 percent, Singapore slipped by 0.48 percent, Thailand lost 0.03 percent and Vietnam decreased by 0.47 percent. In contrast, Hong Kong rose by 0.61 percent.

In Manila, all sectors were up, except for holding firms and mining and oil, which dropped by 0.17 percent and 1.42 percent, respectively.

Volume turnover stood at 587.99 million valued at P5.71 billion.

Advancers beat decliners, 93-79, while 57 issues were unchanged.

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