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Manila Bulletin devider Business devider The Stock Market devider PSE ekes out gain despite weaker stocks

PSE ekes out gain despite weaker stocks

Published Mar 14, 2024 09:13 am

The local stock market moved sideways with a downward bias but managed to end a few points higher on late bargain-hunting.

The main index inched up by 2.45 points or 0.04 percent to close at 6,967.96 although only Conglomerates and Property firms advanced. Volume rose further to 891 million shares worth P7.92 billion as losers beat gainers 119 to 84 with 41 unchanged.

“Philippine equities ended up mixed ahead of the FTSE rebalancing, and while also tracing the US markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “the local bourse remained at the 6900 level as traders continued to do some bargain hunting ahead the effectivity of the FTSE rebalancing on March 15.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Thursday, the local market inched up with investors hunting for bargains at the last minute. Foreign funds also contributed to the bourse’s climb as foreigners were net buyers with net inflows amounting to P630.09 million.

He noted that, “The market’s sideways movement this Thursday is seen to reflect investors’ cautiousness while waiting for the US’ producer price index which can give clues on the Federal Reserve’s policy outlook.”

Related Tags

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