Connect with us

Hi, what are you looking for?

News

Philippine shares inch up on bargain hunting

BW FILE PHOTO

SHARES inched up on Wednesday on bargain hunting and a technical bounce as investors look ahead to the annual gathering of global central bankers hosted by the US Federal Reserve starting on Thursday.

The Philippine Stock Exchange index (PSEi) climbed by 25.07 points or 0.37% to close at 6,643.45 on Wednesday, while the broader all shares index went up by 9.42 points or 0.26% to 3,541.33.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said that the market gained on a technical bounce from its 20-day exponential moving average.

“Today’s trading volume was a bit low compared to the previous days,” Mr. See said in a Viber message on Wednesday.

“The local bourse gained by 25.07 points (0.38%) to 6,643.45 as investors hunt for bargains after two straight days of decline at the support level of 6,600,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“It was a technical bounce at the 6,600 level while investors wait for the speech from Fed Chairman Jerome Powell,” Ms. Alviar added.

The three-day Jackson Hole Economic Symposium will start on Thursday, with Mr. Powell slated to speak on Friday.

The US central bank chief is expected to discuss the Fed’s outlook for the world’s largest economy, which could give investors clues on its policy path moving forward.

The Fed has raised rates by 225 basis points since March amid elevated inflation.

Meanwhile, Asian stock markets slipped for an eighth straight session on Wednesday as investors expect a hawkish message from the Fed at this week’s Jackson Hole symposium.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell by 0.5%, while Japan’s Nikkei fell by the same margin.

Back home, the majority of the sectoral indices ended higher on Wednesday except for industrials, which went down by 34.70 points or 0.35% to close at 9,830.85; and services, which declined by 5.21 points or 0.30% to 1,720.21.

Meanwhile, property climbed by 46.12 points or 1.57% to 2,981.96; mining and oil jumped by 167.74 points or 1.42% to 11,949.41; holding firms increased by 24.75 points or 0.39% to finish at 6,356.59; and financials went up by 6.10 points or 0.38% to 1,585.95.

Value turnover inched lower to P5.44 billion on Wednesday with 603.19 million shares changing hands from the P5.67 billion with 972.68 million issues seen on Tuesday.

Advancers outnumbered decliners, 119 versus 74, while 42 names were unchanged.

Net foreign selling climbed to P183.6 million from the P100.83 million seen the previous trading day.

Philstocks Financial’s Ms. Alviar placed the PSEi’s support at 6,600 and resistance at 6,850, while Mercantile Securities’ Mr. See put support at the 6,400-6,630 range and resistance at 6,800-7,000. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.