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Bargain-hunting pushes PSEi

Business | The Stock Market

Bargain-hunting pushes PSEi

By James A. Loyola

The PSEi inched up on some bargain-hunting after last week’s correction and as investors wait for market moving news to be released later this week.

The main index added 16.09 points or 0.22 percent to close at 7,326.41 as Miners led the advance with only the Services counter in the red. Volume was weak at 657 million shares worth P3.88 billion as gainers outnumbered losers 128 to 73 with 54 unchanged.

“Philippine shares made minor gains as investors gear up for another week of fresh economic data and events that will drive price action movement,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

This week, the key U.S. economic event to watch is the retail sales report, scheduled for release on Thursday. Additionally, several Federal Reserve officials will be speaking throughout the week, with Governors Waller addressing audiences on both Monday and Friday, and Governor Kugler scheduled for Tuesday.

Locally, the Monetary Board will hold its policy-setting meeting on October 16, coinciding with the release of August cash remittances data.

Philstocks Financial Research Manager Japhet Tantiangco said "The local market bounced back this Monday as investors hunted for bargains after four straight days of decline.'

"Expectations that the Bangko Sentral ng Pilipinas will further ease their policy in their upcoming meeting this week gave the market a boost today. Also helping were the positive cues from Wall Street’s closing performance last week," he added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco

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