PSEi stays afloat 7,000 | Inquirer Business
Close  

PSEi stays afloat 7,000

/ 04:11 PM December 09, 2016

The local stock barometer stayed afloat the 7,000 mark on Friday as investors welcomed the European Central Bank’s signal to boost monetary stimulus despite tapering its pace of monthly bond-buying program.

The Philippine Stock Exchange index gained 20.78 points or 0.3 percent to close at 7,043.16.

ADVERTISEMENT

Elsewhere in the region, stock markets were mostly higher as the ECB signalled willingness to add monetary stimulus if needed. This was as the ECB agreed to extend its bond-buying program at a reduced pace of 60 billion euros from 80 billion euros.

Citigroup said in a research note that the ECB’s decision to extend asset purchases to December 2017 – but critically in a smaller size from April of 60 billion per month – was in line with its expectations.

FEATURED STORIES

“Note that this ‘tapering’ was put into a dovish context however, as the ECB said to be ready to increase the size or duration of the program if needed, and also due to the removal of the deposit rated floor and the reduction in the average maturity,” Citi said.

At the local market, the day’s gains were led by the financial, holding firm and services counters while the industrial, mining/oil and property counters slipped.

Value turnover for the day amounted to P7.16 billion. There were 102 advancers versus 69 decliners while 44 stocks were unchanged.

The PSEi was led higher by banking stocks Security Bank (+3.82 percent) and Metrobank (+2.69 percent).

ALI, Ayala Corp., GT Capital and MPI all gained over 1 percent.

On the other hand, URC and SM Prime fell by over 1 percent while BDO, BPI, Globe and JG Summit also slipped.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Philippine stocks, PSEi
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.