The PSEi has risen back to the 6,800 level as investors continue picking up bargains while digesting last week’s corporate results.
The main index added 41.84 points or 0.62 percent to close at 6,803.19 with the Services sector leading the advance while Conglomerates lagged behind. Volume dipped to 783 million shares worth P5.45 billion as losers beat gainers 111 to 85 with 63 unchanged.
“The local bourse managed to settle in the green but gains were trimmed as investors digested the latest statement from the BSP regarding rate cuts. As per BSP Governor Eli Remolona, a pause in interest rate cuts is possible in the next rate-setting meeting in December,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Manager Japhet Tantiangco said, “the local market extended its rise this Tuesday as investors continued to hunt for bargains as concerns over the prospects of protectionist trade policies in the US subside.”
“Robust corporate results also helped in the market’s climb. Foreigners were still net sellers with net outflows amounting to P1.15 billion,” he added.