MANILA, Philippines — Share prices snapped a two-day downturn yesterday as investors returned to pick up bargains at the local bourse amid the nearing deadline on the US-China tariff talks.
The benchmark Philippine Stock Exchange index (PSEi) inched up 0.64 percent or 50.23 points to 7,786.41 while the broader All Shares index closed 0.29 percent or 13.65 points higher to 4,623.66.
“Investors switched back to Philippine equities as others waited for the looming Dec. 15 tariff deadline,” Regina Capital Development Corp. business development head Luis Limlingan said.
“Market jitters left Wall St. in the red last night as a result. Nevertheless, Asian bourses still managed to edge marginally higher ahead of the US,”he added.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco pointed out that bargain hunting lifted the market.
“Stocks have been battered in the prior two trading days, giving investors an opportunity to take positions in the market,” he said.
“At the same time, investors are momentarily shifting their focus towards the policy decisions of the US Federal Reserve and the Bangko Sentral ng Pilipinas,especially on the latter. Our local central bank stated that another rate cut is still possible on their last meeting for the year. Investors are hopeful on this one,”he added.
Majority of sectoral indices closed in the green, with the services index posting the largest increase at 1.01 percent or 15.14 points to close at 1,501.95.
In contrast, the holding firms and mining and oil indexes posted declines, with the latter registering the largest drop at 0.55 percent.
A total of 63,120 trades valued at P5.29 billion were made while volume turnover stood at 666 million.
Advances outnumbered declines, 98 to 86, while 53 remained unchanged.