Last-minute buying props up index
The benchmark Philippine Stock Exchange index (PSEi) edged up 21.87 points or 0.31 percent to finish at 6,886.74, while the broader All-Shares index gained 7.96 points or 0.19 percent to end at 4,166.49. File photo
MANILA, Philippines - Shares prices managed to make a last-minute rebound after a volatile session yesterday, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) edged up 21.87 points or 0.31 percent to finish at 6,886.74, while the broader All-Shares index gained 7.96 points or 0.19 percent to end at 4,166.49.
Most counters led by the property, mining and oil counters were down, erasing Thursday’s gains brought about by the OPEC-inspired rally.
Total value turnover reached P6.85 billion. Advancing stocks totalled 90 issues, just a notch ahead of 89 decliners. Forty-five issues were left unchanged.
Earlier in the day, shares traded weaker, mirroring a regional slump as Thursday’s rally turned out to be short lived.
Analysts said that as the market digested the decision of the Organization of Petroleum Exporting Countries (OPEC) to cut production by 1.2 million barrels per day, concerns on the upcoming meeting of the US Federal Reserve and US president-elect Donald Trump’s policies have resurfaced.
Trump has said there would be consequences for companies that would outsource operations abroad.
April Lynn L. Tan, vice president of COL Financial said the OPEC deal helped fuel the market’s rally. However, this was not enough to sustain the gains.
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