Index inches up on late buying

MANILA, Philippines – The Philippine stock market managed to rebound from Tuesday’s heavy beating as strong local fundamentals overcame global economic concerns.

The Philippine Stock Exchange index (PSEi) yesterday pulled off a late rally to finish flat despite incurring losses early in the day.

The PSEi went up slightly by 0.001 percent, or 0.05 points, to close at 6,637.48,  while the broader All Shares index gained 0.22 percent or 8.44 points to end at 3,825.21.

AB Capital Securities Inc. analyst Alex Tiu said losses incurred in Wednesday’s morning trade was an over reaction to the worries on US and China economies that was coupled with falling crude prices.

But by the end of the day, strong local fundamentals prevailed, Escartin said.

“Crude prices went up one percent today so that’s a good indicator. Locally, we’re on the sidelines waiting for corporate earnings. Some of them were better than expected while some were worse,” he said.

Local sectors were still dominated with red with mining and oil firms suffering the largest blow with a 3.99 percent drop.

Property and financial firms, meanwhile, climbed 1.14 percent and 0.62 percent, respectively.

Value turnover picked up to P7.35 billion from its P4 billion output the previous day.

Market breadth, however, remained negative as decliners edged advancers, 91 to 81, while 39 stocks did not change.