Index manages to rise despite external headwinds

MANILA, Philippines — The stock market enjoyed a last minute recovery after trading in the red for most of yesterday.

The benchmark Philippine Stock Exchange index (PSEi) managed to rise by 2.30 points, or 0.02 percent, to end at 7,896.24, up 2.30 points or 0.02 percent.

Meanwhile, the broader All Shares gauge was down by 0.88 points, or 0.01 percent, to 4,770.09.

The rest of the sectors were mostly down as well except for the property and holding firms which finished in positive territory.

The local market took the cue from Asian stocks which were mostly down because of the political turmoil in the US.

House Speaker Nancy Pelosi said on Tuesday that the House of Representatives would move forward with an official impeachment inquiry on President Trump after his actions were found to have seriously violated the Constitution.

“It is for the reason that the House of Representatives is moving forward with an official impeachment inquiry,” Pelosi said.

She said President Trump has admitted to asking the president of Ukraine to take actions that would benefit him politically.

In terms of specific companies, Ayala Corp. disclosed yesterday that it was reminding the holders of its Preferred “B” Series 2 shares  of the company’s exercise of the call option on the said shares on Nov. 5, the fifth anniversary from issue date of the shares.