PSEi firms up above 8,300

The local stock barometer firmed up above the 8,300 mark on Monday ahead of a mid-week trading break and an upcoming policy statement from the US Federal Reserve.

The main-share Philippine Stock Exchange index added 69.31 points or 0.84 percent to close at 8,365.26, driven mostly by domestic investors’ buying activities as the local corporate earnings reporting season started.

The stock market is closed on Tuesday (Oct. 31) and Wednesday (Nov. 1) as the nation pauses to honor the dead.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said key US economic releases to watch out for this week would be personal income and spending report, manufacturing gauge and jobs data. The statement from the October 31 to November 1 US Federal Open Market Committee (FOMC) will also be released on Wednesday alongside other speaking engagements by Fed officials later in the week, he noted.

“On Nov. 1, we expect the FOMC to keep policy unchanged and see few substantive changes to the statement,” Limlingan said.

“We expect a slightly more upbeat tone on growth that acknowledges disruptions from the hurricanes but characterizes them as temporary or in the past tense, as we think Fed officials will view the data released over the inter-meeting period as broadly encouraging,” he added.

On Monday, the PSEi was led higher by the holding firm, services and property counters, which all advanced by over 1 percent. The industrial and mining/oil counters also firmed up.

Only the financial counter ended lower, falling by 0.85 percent, as bank earnings reports started to come in.

SM Prime, JG Summit and GT Capital led the PSEi higher, all surging by over 3 percent.

SM Investments and RRHI both added over 2 percent while PLDT gained 1.85 percent.

Meralco and Ayala Corp. also contributed gains.

Outside of the PSEi, notable gainers included Phoenix, whose shares rose by 0.7 percent after the deal to acquire FamilyMart was announced.

Shares of STI were likewise up by 3.45 percent.

On the other hand, lenders Metrobank and Security Bank both saw their share prices decline by over 2 percent.

The country’s largest lender BDO also slipped by 0.36 percent after reporting its third quarter results. In the first nine months of the year, BDO achieved 73 percent of its full-year profit goal of P28 billion.

Value turnover stood at P6.66 billion. Domestic buying supported the market as foreign investors were net sellers amounting to P150.2 million.

There were 96 advancers that edged out 87 decliners while 58 stocks were unchanged.