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Manila Bulletin devider Business devider PSEi up after MSCI rebalancing

PSEi up after MSCI rebalancing

Published Feb 10, 2023 04:21 pm

The local stock market bounced from the previous day’s drop as funds adjusted their portfolio after the MSCI rebalancing.

The main index added 34.0 points or 0.50 percent to close at 6,876.79 as the Industrial sector led the advance while the Services counter retreated. Volume amounted to 824 million shares worth P5.92 billion as gainers edged out losers 93 to 90 with 60 unchanged.

“Philippine shares edged higher as investors digested the latest rebalancing updates from the MSCI, and while they stayed away from the US over rekindled concerns revolving the Fed's future monetary policy action would look like,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The MSCI rebalancing results showed that ACEN and GLO will be deleted on the MSCI Global Standard. Meanwhile, COSCO and FILRT will be removed from the MSCI Global Small Cap.“

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained amid positive sentiment as the local economy still shows strength despite the lingering headwinds.”

She noted that, “The banking industry recorded a higher net income last year compared to the full year 2021 despite the increasing interest rates.”

Related Tags

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