Index ends 5-day losing streak
MANILA, Philippines - The Philippine stock market put an end to its five-day losing streak yesterday as investors digested the impact of British Prime Minister Theresa May’s speech regarding UK’s Brexit plans.
The Philippine Stock Exchange index (PSEi) rose 33.03 points or 0.46 percent to close at 7,156.36, its first finish in the green this week.
The broader All Shares index also added 0.39 percent or 16.93 points to settle at 4,321.58.
“Emotions, we think, will now be tempered and hopefully balanced as we take stock of the unfolding realities – Theresa May of Britain has just announced what sounds like a hard Brexit underscored by “no deal is better than a bad deal.” The British main points in negotiations post-Article 50 trigger will focus on issues including immigration,” Justino Calaycay Jr., marketing and research head at A&A Securities Inc., said.
All counters were up yesterday except for industrials which fell by 0.37 percent.
Services led sectors in the green with a 1.41 percent increase, followed by property and mining and oil with gains of 0.73 percent and 0.67 percent, respectively.
Value turnover, however, remained thin at P4.98 billion. Advancers edged out decliners, 86 to 85, while 55 stocks were unchanged.
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