Stocks firm up ahead of central bankers’ meeting

MANILA, Philippines - The benchmark Philippine Stock Exchange index (PSEi) retested the 8,000 mark yesterday ahead of the upcoming meeting of world’s central bankers in Jackson Hole, Wyoming where US Federal Reserve chairman Janet Yellen is set to speak.

The PSEi closed at 8,004.93, up 6.18 points or 0.07 percent while the broader All Shares gauge gained 3.36 points or 0.07 percent.

Most of the sectoral indexes led by the holding firms, services and mining and oil, closed in positive territory.

Total value turnover was noticeably thin at P4.64 billion. Advancing stocks outpaced decliners, 98 to 83 while 62 stocks were left unchanged.

Traders said the low value turnover showed that investors remain on the sidelines ahead of the Jackson Hole conference, where the world’s top central bankers will gather in Wyoming to discuss global economic developments.

Federal Reserve chair Janet Yellen is expected to give a speech and discuss financial stability as well as the direction of the US Federal Reserve.

LT Group was among the best performers, rising 1.62 percent or 0.280 points.

This comes after the official announcement of Japan Tobacco Inc. (JTI) that it is acquiring Mighty Corp. for P46.8 billion.

For years, PMFTC, which previously had a 90 percent share of the cigarette market, has been struggling with illicit trade in the industry including the alleged use of fake cigarette stamps by Mighty.