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Manila Bulletin devider Business devider The Stock Market devider PSEi nudged up by PLDT, bargain-hunting

PSEi nudged up by PLDT, bargain-hunting

Published Mar 12, 2024 08:41 am

At A Glance

  • The local stock market inched up mainly due to the jump in the share price of index heavyweight PLDT plus some bargain hunting.
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The local stock market inched up mainly due to the jump in the share price of index heavyweight PLDT plus some bargain hunting.

The main index added 7.35 points or 0.11 percent to close at 6,879.59 as the Services sector led with a 2.04 percent gain which offset the decline of Banks and Industrials. Volume rose to 945 million shares worth P5.39 billion as gainers outnumbered losers 109 to 72 with 54 unchanged.

“Philippine shares continued to trade mixed as investors braced for the release of the US CPI report,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Later, all eyes are on the Feb. reading of the CPI. Economists polled by Dow Jones forecast a monthly gain of 0.4 percent and a 3.1 percent increase on headline.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local bourse inched up as investors hunted for bargains. Many also cheered the December 2023 FDI figures which posted a 29.9 percent year-on-year surge in net inflows.”

He noted though that, “Still the market closed with trimmed gains, implying that investors are being cautious ahead of the US inflation data.”

“Most sectors were  in the green, with the Services having the biggest gain of 2.04 percent. Among the index members, PLDT achieved the top spot, jumping by 6.30 percent, Plopenio said.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Mikhail Philippe Plopenio Philstocks Financial
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