The local stock index slightly firmed up Tuesday as investors awaited with caution an upcoming US jobs data that could influence the timing of the US Federal Reserve’s tapering of its easy money policy.
The main-share Philippine Stock Exchange index gained 6.04 points, or 0.09 percent, to close at 6,603.60.
Across the region, sentiment was mixed as investors sought indications as to how the US Fed would taper its aggressive bond-buying operations.
Apart from external concerns, a succession of huge initial public offerings (IPOs) is sapping liquidity from the market. Gaming and entertainment firm Travellers on Tuesday began a domestic offering that would run until 29. The listing date on the Philippine Stock Exchange, under the stock symbol “RWM,” after the $473-million IPO is expected on Nov. 5.
The day’s gainers were led by the mining/oil counter, which closed 1.4 percent up. The financial, services and property counters also firmed up. On the other hand, the industrial and holding firm counters ended in the red.
Value turnover for the day amounted to P7.57 billion. Despite the overall PSEi gain, there were slightly more decliners (79) than advancers (75) in the market.
Semirara and Philex gained the most during the trading day. Both rose by 3 percent. Globe and AEV were up by over 2 percent. SM Prime, URC and PLDT also rose by over 1 percent.
On the other hand, the day’s laggards were MWC and Petron, which slipped by over 2 percent. JGS, MPI and Megaworld fell by over 1 percent. Doris C. Dumlao