PSEi maintains grasp on 8,000-point level
Credit to Author: Tyrone Jasper Piad| Date: Tue, 12 Nov 2019 18:29:13 +0000
Investors buying in the last minute of trading lifted the local bourse to the 8,000-point mark on Tuesday.
The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.04 percent or 2.96 points to close at 8,012.34 while the wider All Shares shed 0.01 percent or 0.66 points to finish at 4,788.62.
PSEi in the intraday trading slipped off the 8,000 level, trading as low as the 7,962.72 mark.
“Last-minute bargain-hunting supported by third quarter earnings lifted the local market back above the crucial 8,000 line,” Philstocks Financial Inc. said.
Among the firms that announced its nine-month report on Tuesday were Ayala Corp., DMCI Holdings Inc., Century Properties Group Inc. and Cebu Air Inc.
AAA Equities head of research Christopher Mangun agreed, saying that this was not “sustainable.”
“The market is looking weaker by the day. If we do not see a pick up in volume before the end of the week, it will end below 8,000,” he added.
Dow Jones was up 0.04 percent. S&P 500 and Nasdaq dropped by 0.20 percent and 0.13 percent, respectively.
In Asia, Tokyo climbed 0.81 percent, Shanghai hiked 0.17 percent, Hong Kong added 0.52 percent, Seoul gained 0.79 percent, Jakarta inched up by 0.24 percent, Singapore was up 0.44 percent, Thailand increased by 0.55 percent and Vietnam jumped by 0.16 percent.
In Manila, sectors were mix. Services and property were up, while the rest slipped.
Volume turnover stood at 489.23 million for P4.73 billion.
Decliners led advancers, 100-76, while 57 issues did not change hands.