PH stock index regains some lost ground | Inquirer Business

PH stock index regains some lost ground

By: - Business Features Editor / @philbizwatcher
/ 05:36 AM November 24, 2017

The local stock barometer rebounded on Thursday as investors took recent dips as a signal to pick up stocks, albeit in a thin trading session.

The main-share Philippine Stock Exchange index added 77.55 points or 0.94 percent to close at 8,343.23 while sentiment across regional markets was mixed.

Article continues after this advertisement

“US stocks took a breather—DJIA (Dow Jones Industrial Average was down by 0.3 percent—as investors took some profit ahead of the Thanksgiving holiday. Despite a flat start on Wall Street’s leads, however, momentum remained positive, hence local investors saw the dips as quick and shallow, and bought with the low trading volumes,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

FEATURED STORIES

He noted that US stock market indices remained under pressure after the release of the latest US Federal Reserve minutes.

“The Fed viewed a near-term increase in interest rates as possible but central bank officials also expressed concerns about persistently low inflation, hinting that the bank might dial back its rate hikes in 2018. The language from the Fed’s Oct. 31-Nov. 1 meeting was comparatively softer than in the September discussions, reflecting worries that tepid inflation might also be a result of developments that could prove more persistent, according to the Fed minutes,” Limlingan added.

Article continues after this advertisement

At the local market, all counters were up but the biggest gainer was the holding firm counter, which added 1.27 percent.

Article continues after this advertisement

Value turnover for the day was relatively thin at P4.41 billion.

Article continues after this advertisement

There were 105 advancers that edged out 92 decliners while 43 stocks were unchanged.

The PSEi was led higher by SM Investments, GT Capital, Megaworld and PLDT, which all advanced by over 1 percent.

Article continues after this advertisement

Ayala Corp., BDO, Ayala land, BPI, Metrobank, Semirara, SM Prime and DMCI also contributed to the PSEi’s gains.

Outside the PSEi, notable gainers included Purefoods, which surged by 11.89 percent.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

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

It was reported that parent conglomerate San Miguel Corp. also plans to consolidate its packaging business into the company.

PXP rose by 4.53 percent as the speculative play on joint Philippine-China drilling discussions resumed.

TAGS: Local Stock, Philippine Stock Exchange index

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

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

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.