Philippine shares higher, tracking Asian markets

MANILA, Philippines — The Philippine stock market struggled to stay in the 7,000 mark yesterday but managed to rise slightly at the end of the session as it tracked gains in Asian shares.

The benchmark Philippine Stock Exchange Composite index (PSEi) closed at 7,069.68, up 13.06 points or 0.19 percent while the broader All Shares index  went up to 3,691.25, up 8.39 points or 0.23 percent.

D.A. Market Securities said Asian stocks were mostly up, driven by gains in Japan with much of the region closed for Lunar New Year and as investors focused on prospects for slower Federal Reserve policy tightening.

Total value turnover reached P8.351 billion.  Market breadth was positive as 99 stocks advanced versus 92 decliners while 55 issues were unchanged.

The sectoral gauges were mixed with holding firms, financials and services ending in the green. On the other hand, mining & oil, industrial and property closed in negative territory.

Meanwhile, in Asia, Tokyo’s Nikkei 225 index added 1.3 percent to 26,906.04 as investors shrugged off Finance Minister Shunichi Suzuki’s comments that Japan is facing an “unprecedentedly severe” financial situation after spending heavily to counter the pandemic and other troubles.

“Finances are the cornerstone of a country’s trust,” Suzuki told lawmakers in parliament. “We must secure fiscal space under normal circumstances to safeguard trust in Japan and people’s livelihoods in times of crisis.”

Japan’s national debt, already more than twice its gross domestic product, has grown further as the government has failed for a decade to attain its targets for balancing the budget.

Elsewhere in Asia, the S&P/ASX 200 in Sydney edged 0.1 percent higher, to 7,457.30. In India, the Sensex climbed 0.6 percent to 60,994.76.

Bangkok’s SET index was flat. Markets in Shanghai and Shenzhen are shut for the whole week.