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Business

Bourse aligns with regional peers

Iris Gonzales - The Philippine Star
Bourse aligns with regional peers

The benchmark Philippine Stock Exchange index (PSEi) managed to eke out a gain of 12.02 points to settle at 6,880.91, while the broader All Shares index gained 10.26 points or 0.25 percent to finish at 4,172.65. File photo

MANILA, Philippines – The stock market recovered yesterday as it aligned itself with Asian bourses.

The benchmark Philippine Stock Exchange index (PSEi) managed to eke out a gain of 12.02 points to settle at 6,880.91, while the broader All Shares index gained 10.26 points or 0.25 percent to finish at 4,172.65.

Most of the counters closed in positive territory with the financials index leading the gains after it rose 1. 01 percent.

Only the industrial and holding firms index closed in the red, shedding 0.49 percent and 0.06 percent, respectively.

Total value turnover reached P7.21 billion. Decliners totalled 87 while advancers numbered 88, leaving 47 stocks unchanged.

Yesterday’s trading session was a marked turnaround from Monday’s market behavior which was a reflection of investors’ risk-averse stance as they await for the results of the upcoming meeting of the US Federal Reserve.

Commenting on yesterday’s trading session, Luis Limlingan said “the local market aligned with its regional peers as the Dow Jones industrial average climbed 39.58 points, or 0.2 percent, to close at 19,796.43.”

Limlingan said that Monday marked the sixth consecutive record close for the Dow Jones. Crude-oil futures settled Monday at their highest level in nearly 17 months at $52.83 a barrel.

“Markets in general have also been discounting the outcome of the Fed meeting scheduled to happen on Wednesday in the US,” he said.

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