Share prices inch up on last minute buying

MANILA, Philippines — The Philippine Stock Exchange index started the week on a positive note, ending in the green albeit only slightly due to a technical bounce.

The composite index closed slightly higher by 0.06 percent, or 4.53 points, to 8,118.52, which Philstocks Financials said this was due to a technical rebound amid last minute bargain hunting.

“Most sectors gained in today’s session led by miners, adding 0.62 percent to 7,920.41. Services had the biggest loss to 1,635.39,” Philstocks said.

Philstocks said that external markets slipped due to skepticism on US-China trade talks.

The broader All Shares index meanwhile rose 4,963.04, up 7.44 points or 0.15 percent.

Likewise, most of the indices ended in positive zone as well except for the services and industrial gauges.

In a briefing yesterday, COL Financial chief equity strategist April Lynn Tan said the market is on track to reach 8,600 by year-end.

She said that the factors that pulled the market lower in 2018 have reversed such as headline food, beverages and transport inflation and that foreign fund inflows have started to come in.

At the same time, she said there are still headwinds such that the second quarter earnings of some companies could disappoint.

For his part, COL Financial chief technical analyst Juanis Barredo said the PSEi, currently at the 8,100 level, may proceed to show some upside but would likely be running through another choppy gauntlet into the second half of 2019.