Index clings above 8,000 ahead of Jackson Hole summit
The benchmark Philippine Stock Exchange index, gained 10.21 points, or 0.12 percent, to finish at 8,015.14 while the broader All Shares index gained 9.26 points, or 0.19 percent, to close at 4,749.06. File
MANILA, Philippines - Share prices were modestly up for the second session in a rowyesterday ahead of a long weekend break and in anticipation of a fruitful central bankers’ symposium that began on Thursday in Jackson Hole, Wyoming.
The benchmark Philippine Stock Exchange index (PSEi), gained 10.21 points, or 0.12 percent, to finish at 8,015.14 while the broader All Shares index gained 9.26 points, or 0.19 percent, to close at 4,749.06.
The rest of the counters were likewise upbeat except for the financials and the industrial index, which both closed in negative territory.
Total value turnover reached P6.25 billion with both advancing and declining stocks equal at 97. Forty-eight issues, meanwhile, were left unchanged.
Traders said the market tracked regional currencies, which were mostly up as investors awaited comments from the central bankers’ meeting late Friday.
Federal Reserve chairperson Janet Yellen and European Central Bank president Mario Draghi are both expected to give speeches, which could provide directions that could affect the global economic environment.
According to CMC Markets in Singapore, Draghi is unlikely to reveal an exit plan on ECB’s massive bond-purchasing program during this meeting, investors and fund managers would want to hear his views on inflation and economic development.
Similar to the local market, Japan’s benchmark Nikkei 225 edged up 0.4 percent in early trade while Hong Kong’s Hang Seng gained 0.7 percent yesterday. Likewise, the Shanghai Composite index was also up 0.7 percent.
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