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Manila Bulletin devider Business devider Stocks up on late buying

Stocks up on late buying

Published Jan 23, 2023 04:03 pm

The local stock market overcame early weakness to end slightly higher while investors wait for market moving news.

The main index added 13.06 points or 0.19 percent to close at 7,069.68 with sectoral indices evenly split. Volume was firm at 1.24 billion shares worth P8.35 billion as gainers edged out losers 99 to 92 with 55 unchanged.

“Philippine shares still managed to eke out gains even with Asian markets on holiday, and with the big economic releases happening later,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

“Investors will be monitoring another batch of economic data, including the Fed’s preferred inflation measure, the personal consumption expenditure price index, due out Friday. Besides these, the S&P Global Manufacturing PMI for Jan. is slated for release on Jan. 23, and GDP is scheduled on Jan. 26. Meanwhile, the Philippine GDP and Balance of Trade are due out on Jan. 26,” he added.

Rizal Commercial Banking Corporation Chief Economist Michael Ricafort said the market moved “amid the continued net foreign buying at the local stock market recently that partly contributed to the strongest peso exchange rate in 7 months.”

“Market sentiment also supported by more dovish signals by the Fed and local monetary authorities that led to slightly lower Treasury bill auction yields, 28-day BSP securities auction yield, and the BSP 7-day and 14-day Term Deposit Facility (TDF) auction results recently,” he noted.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse mostly traded in the red amid a lack of catalyst, but last-minute bargain hunting lifted the PSE index. Foreigners helped push the market upwards, registering a net inflow of P421.79 million .”

“Moreover, the local market, along with some Asian peers, followed the surge of the US markets last Friday as investors cheered the technology stocks in the US,” she added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar Michael Ricafort
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