Connect with us

Hi, what are you looking for?

News

Shares climb on higher factory output, AllDay IPO

LOCAL shares on Wednesday continued to climb as investor sentiment got a boost from the improvement in October factory activity and the successful initial public offering (IPO) of Villar’s AllDay Marts, Inc.

The benchmark Philippine Stock Exchange index (PSEi) went up by 78.71 points or 1.10% on Wednesday to close at 7,184.72, while the all-shares index gained 31.05 points or 0.70% to 4,433.09.

“The market ended higher as investors may have felt optimistic over the positive manufacturing report for the month of October, and as corporate earnings results continue to be released,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message.

IHS Markit reported on Tuesday that the Philippines Manufacturing Purchasing Managers’ Index (PMI) hit a seven-month high to 51 in October, the strongest PMI since March. IHS Markit noted there were signs of improvement in demand as new orders stabilized after six months of decline.

Juanis G. Barredo, chief technical analyst at COL Financial Group, Inc., noted that the benchmark index’s gains were led by SM Prime Holdings, Inc., Ayala Land, Inc., Bank of the Philippine Islands, Ayala Corp., and BDO Unibank, Inc.

Market sentiment got a lift from the strong debut of AllDay, a supermarket chain led by tycoon Manuel B. Villar, on the stock exchange.

“Strong demand for its limited share offer while being priced at P0.60 per share, gave traders both large and small, a new place to dabble and chance for a possible swing to P1 or over,” Mr. Barredo said. “We hope such optimism can allow the index to recoup towards its two-week high of 7,326 — this being [its] next resistance.”

Majority of the sectoral indices posted gains on Wednesday except for mining and oil, which declined by 33.56 points or 0.34% to end at 9,833.97.

Meanwhile, property picked up 102.12 points or 3.25% to 3,238.44, while financials rose 27.48 points or 1.77% to 1,577.67.

Industrials improved by 67.25 points or 0.63% to close at 10,717.57, while holding firms added 13.59 points or 0.19% to finish at 7,057.83. Services also inched up by 2.53 points or 0.13% to 1,898.32.

Value turnover edged higher to P7.52 billion with 2.33 billion shares switching hands on Wednesday, up from the P7.49 billion with 930.47 million shares traded the previous day.

Advancers beat decliners, 104 versus 99, as 46 names remain unchanged.

Net foreign selling stood at P23.75 million, declining from the P177.79 million recorded on Tuesday.

“Participants may be looking forward to the release of several reports in the coming days, to get a clearer sense of the current state of the economy,” Timson Securities’ Mr. Pangan said.

“Support seems to be at the 6,940 area, while 7,320 may be considered the nearest resistance level,” he added. — Keren Concepcion G. Valmonte

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

Follow us on Spotify BusinessWorld B-Side The Filipino workforce is gradually adapting to a work environment that has been changed forever due to the pandemic....

News

The Department of Environment and Natural Resources (DENR) has given recognition to volunteers and partners who had significant contribution to the cleanup and rehabilitation...

News

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories...

News

Former client, Jennifer Pacquing on her experience with Planning for Canada services. Planning for Canada – Planifier pour le Canada (PfC) is pleased to...

News

Windmills are seen in Pililia, Teresa, Rizal province on April 25. — PHILIPPINE STAR/ MICHAEL VARCAS THE INCOMING Marcos administration should consider the full...

News

THE PHILIPPINE central bank should deliver more aggressive rate hikes in order to curb inflation that is now expected to reach 5% this year,...

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

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...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

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.