Stock market returns to 8,000 level
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 10 Apr 2019 16:23:38 +0000
THE stock market climbed back to the 8,000 territory on Wednesday with analysts pointing to bargain-hunting and net foreign buying as having provided the boost.
The bellwether Philippine Stock Exchange index (PSEi) rose by 1.17 percent or 92.90 points to close at 8,008.53 while the broader All Shares grew by 0.88 percent or 42.92 points to end at 4,909.88.
P2P Trade Online sales associate Gabriel Jose Perez pointed to a heavy net foreign inflows as having lifted the index while Regina Capital
Development Corp. head of sales Luis Limlingan said players had taken to buying cheap issues ahead of the Holy Week holidays.
Net foreign buying stood at P970 million as foreigners bought P7.1 billion issues and sold P6.13 billion.
While all three main Wall Street indexes ended lower overnight and the losses seeped through to Asia in the morning, the region’s markets picked up as the day wore on.
Investors, however, remained nervous as the possibility of a US-EU trade war shifted into focus after a tariffs threat from Washington and were also spooked by Brexit uncertainty.
The warning from US President Donald Trump’s administration that it would impose levies on more than $11 billion of European imports jolted investors, who had been enjoying a positive run of late thanks to optimism over China-US trade talks.
The European Union was to decide later on Wednesday (European time) on the Britain’s request to extend Brexit, which is due Friday, and to avoid a calamitous no-deal divorce.
Hong Kong dipped 0.1 percent and Tokyo ended off 0.5 percent, while there were also losses in Wellington and Jakarta.
However, Shanghai ended up 0.1 percent, Seoul rose 0.5 percent and Singapore gained 0.1 percent with Sydney, Taipei, and Bangkok also in the ascendance.
In early trade London rose 0.1 percent, while Frankfurt added 0.4 percent and Paris gained 0.3 percent.
Back in Manila, most sectoral indices finished in the green except for mining and oil, down 0.47 percent.
Volume turnover stood at 2.14 billion issues valued at P9.8 billion.
Winners led losers, 110 to 96, while 42 issues remained unchanged.
With a reports from AFP
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