PSEI rises above 7,000 level

by James A. Loyola

The local stock market breezed past the 7,000 resistance level as foreign funds bought Philippine shares on expectations of milder US rate hikes.

The main index rose 93.94 points or 1.35 percent to close at 7,045.48, after breaching 7,100 intraday, as Banks led the rally while the Services and Mining sectors yielded to profit taking. Volume was higher at 1.11 billion shares worth P10.23 billion as gainers beat losers 138 to 65 with 46 unchanged.  

“Philippine shares touched the 7,000 level after so many months as foreign funds continued to make bets into our economy, as conviction remained high that the country would be one of the best performers in 2023,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse surged amid expectation that the Federal Reserve will be less aggressive in its rate hikes following the cooled inflation in the US.”

She added that, “The strengthening of the peso against the US Dollar lifted the market as well. Moreover, foreigners helped lift the index, registering a net inflow of P1.08 billion.“

PSEi back at 6,000 level on bargain hunting

by James A. Loyola, MB

The local stock market climbed back to the 6,000 level as investors picked up bargains in anticipation of upcoming economic data and corporate earnings reports.

The main index added 45.23 points or 0.76 percent to close at 6,028.79 as the Services sector led the advance while the Mining and Oil counter lagged behind. Volume was thin at 406 million shares worth P3.48 billion as gainers beat losers 91 to 76 with 55 unchanged. 

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“Philippine shares started the last week of October solidly, as investors stateside are going to have a handful of eco data to keep tabs on this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, these include “PMI data on Oct. 24, New Home sales for Sept. on Oct. 26, GDP and Durable Goods Orders print on Oct. 27, and Personal Income reading on Oct. 28.“

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up amid bargain hunting while investors await the third-quarter earnings results. Moreover, the government’s announcement that it is prepared to defend the peso from falling to 60 levels against the US dollar boosted the sentiment.” 

She noted that, “Wall Street’s positive performance last Friday also influenced the market’s movement. However, market participation remains weak.”