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THE MAIN INDEX experienced a modest increase on Tuesday due to bargain seeking after its three-day decline, supported by favorable momentum from Wall Street overnight.
The Philippine Stock Exchange index (PSEi) advanced by 0.15% or 9.46 points to finish at 6,093.53. In contrast, the broader all shares index fell by 0.11% or 4.07 points to conclude at 3,657.85.
“The market concluded in positive territory following three straight days of losses, spurred by bargain seeking among traders,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan stated in a Viber message. “Nevertheless, sentiment remains wary as the Philippine peso continues to weaken against the US dollar, while the country’s balance of payments (BoP) contracted in September.”
The peso declined by 5.5 centavos to settle at P58.225 versus the dollar on Tuesday from Monday’s close of P58.17, according to data from the Bankers Association of the Philippines. This represented its weakest performance in over a week.
Conversely, the country’s BoP situation registered an $82-million surplus in September, down from the $3.526-billion surplus in the same month of the prior year, as reported by the central bank on Monday.
This contributed to reducing the country’s end-September BoP deficit to $5.315 billion. However, this marked a shift from the $5.117-billion surplus recorded during the same timeframe last year.
“The local market rebounded from a three-day downturn as bargain seeking took precedence. The positive signals from Wall Street facilitated Tuesday’s recovery,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco mentioned in a Viber message.
Stocks on Wall Street surged sharply on Monday, with technology shares contributing significantly to the gains, as generally positive quarterly earnings reports rekindled investor risk appetite, as reported by Reuters.
The Dow Jones Industrial Average increased by 554.28 points or 1.20% to 46,745.63; the S&P 500 elevated by 78.61 points or 1.19% to 6,743.00; and the Nasdaq Composite ascended by 343.37 points or 1.52% to 23,023.62.
Domestically, most sectoral indices concluded in the negative zone on Tuesday. Mining and oil plummeted by 2.95% or 429.85 points to 14,112.61; holding firms fell by 0.64% or 31.44 points to 4,874.01; property decreased by 0.25% or 5.72 points to 2,254.32; and financials declined by 0.1% or 2.19 points to 2,044.12.
On the other hand, services rose by 1.09% or 25.21 points to 2,324.29, and industrials grew by 0.38% or 33.96 points to 8,964.54.
Decliners outnumbered advancers, 127 to 84, while 47 stocks remained unchanged.
“JG Summit Holdings, Inc. emerged as the day’s index leader, increasing by 3.75% to P24.90. Conversely, LT Group, Inc. was the index’s poorest performer, dropping 3.77% to P14.28,” Mr. Tantiangco noted.
Value turnover rose to P5.24 billion on Tuesday with 1.31 billion shares exchanged compared to Monday’s P3.65 billion with 1.86 billion shares traded.
Net foreign purchases amounted to P231.58 million on Tuesday, reversing the P118.81 million in net sales recorded on Monday. — Alexandria Grace C. Magno with Reuters
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