Investors buy cheaper stocks, lift PSEi after five days of declines
The Philippine Stock Exchange index (PSEi) ended a five-day slump as investors bought cheaper stocks ahead of Friday’s August inflation report.
The benchmark PSEi added 23.99 points, or 0.39 percent, to close at 6,106.92 on Thursday, Sept. 4, with advances across the board led by property and mining shares.
Trading volume was weaker at 1.06 billion shares valued at 4.8 billion pesos. Advancers outnumbered decliners 111 to 88, with 53 unchanged.
“After a series of declines in the previous week, the market saw a slight relief as investors engaged in bargain hunting, taking advantage of cheaper stock prices,” Regina Capital Development Corp. Managing Director Luis Limlingan said.
“Moreover, the upcoming inflation report, expected tomorrow, could serve as a key catalyst that may influence how the stock market performs in the coming weeks,” he added.
United States equities also showed signs of stabilizing as a tech-sector rebound helped curb recent losses, Limlingan said. He added that a less-than-stellar jobs report is bolstering the case for future interest-rate cuts, which has also provided a measure of support for investor sentiment.