Stocks start week in positive territory
The benchmark Philippine Stock Exchange index gained 33.69 points, or 0.42 percent, to finish at 7,962.12 while the broader All Shares index went up 24.23 points, or 0.52 percent, to settle at 4,706.04. Philstar.com/File
MANILA, Philippines - Share prices rose yesterday as the local market tracked regional peers and US stocks, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) gained 33.69 points, or 0.42 percent, to finish at 7,962.12 while the broader All Shares index went up 24.23 points, or 0.52 percent, to settle at 4,706.04.
Luis Limlingan of Regina Capital said the PSEi echoed the rebound in US stocks as investors saw some reprieve following last weeks’s slump.
“The Philippines hence look to a positive start on Wall St’s leads, on some bargain hunting, but as expected it was a muted bounce given tension between the US and North Korea is still escalated,” he said.
Most sectoral indexes ended in positive territory led by the property and the mining and oil index.
Despite the slight uptick, market volume remained thin at P5.12 billion. Losers outnumbered gainers, 75 to 74 while 100 issues were left unchanged.
World stocks rose yesterday, attempting to recover after fears of a US-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen.
European shares bounced after falling nearly three percent last week, with the pan-European STOXX 600 up 0.7 percent following on from a 0.9 percent jump in MSCI’s index of Asia-Pacific shares outside Japan.
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