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Manila Bulletin devider Business devider The Stock Market devider PSEi recovers as funds rebalance portfolios

PSEi recovers as funds rebalance portfolios

Published Oct 3, 2023 08:37 am

The PSEi managed to eke out a marginal gain after bargain hunters lifted it out of negative territory. 

The main index inched up by 1.46 points or 0.02 percent to close at 6,305.99 with sectoral indices evenly divided. Volume improved to 856 million shares worth P5.94 billion as losers outnumbered gainers 103 to 94 with 50 unchanged. 

“Philippine shares finished in the green, as investors used another PSE rebalancing to take advantage for bargain hunting,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “meanwhile, other investors remained on the sidelines, as lawmakers in Washington arrived at a short-term agreement over the weekend that headed off a government shutdown.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse inched up as last-minute bargain hunters saved the index from the red territory. Moreover, the improvement of the Philippines’ September Global Manufacturing PMI to 50.6 boosted the sentiment at home.”

“The PSEi inched up on market-on-close buying after trading in the red for the most part of the day’s session,” said China Bank Capital Corporation Managing Director Juan Paolo Colet. 

He explained that, “the move was helped by a surge in trades of UBP and NIKL as institutional funds prepared for the changes to the PSE benchmark index that will take effect on Wednesday.”
 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar China Bank Capital
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