PSEi ends higher despite some profit taking

The Philippine Stock Exchange index managed to advance although there was some profit taking after the previous day’s spike in share prices.

The benchmark index added 17.94 points or 0.24 percent to close at 7,419.10 on Wednesday, Nov. 24, although only the Holding Firms and Property counters advanced while the Industrial sector led four sub-indices that retreated.

Volume dipped slightly to 1.47 billion shares worth P8.62 billion as losers beat gainers 93 to 88 with 53 unchanged.

“Philippine shares were bought up once more following US President Joe Biden’s remark that his administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021′s rapid spike in fuel prices,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

He added that, “In the Philippines, CMWPI the Construction Materials Wholesale Price Index rose to 4.7 percent following the downgrade in the alert level system that stirred more business activities. The end-October Balance of Payments print was also out, it reversed to a surplus of $476 million.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market’s sideways movement this Wednesday ended in the positive territory.“

He noted that, “Investors cheered the ongoing developments in the country’s fiscal policies for next year with our 2022 national budget targeted to be approved on third and final reading by the Senate next week, and the validity of the 2021 national budget likely to be extended until end 2022.”