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PSEI ends week higher as oil prices drop

Business | The Stock Market

PSEI ends week higher as oil prices drop

By James A. Loyola

The Philippine Stock Exchange index (PSEi) closed the week on a positive note as investor sentiment continued to be lifted by lower oil prices and improved macroeconomic signals.

The main index rose by 62.31 points, or 1.02 percent, to close at 6,188.03 on Friday, July 3. Miners led the advance due to improving gold prices, while industrials lagged behind.

Volume weakened further to 1.07 billion shares worth ₱4.44 billion. Gainers beat losers—108 to 64, with 67 unchanged.

“The local bourse ended higher, with buying pressure sustained as sentiment remained upbeat amid stabilizing oil prices and a steadier local currency. Investors continued to add positions as market conditions appeared less volatile,” said Regina Capital Development Corp. managing director Luis Limlingan.

He noted that macroeconomic developments from the previous day also continued to influence investor reaction and positioning.

Philstocks Financial Inc. research manager Japhet Tantiangco said the local market extended its rise as investors continued their bargain hunting, with sentiment supported by recent positive developments.

“These include the decline in global oil prices, which is expected to help in our inflation outlook, and the upgrade in the Philippines’ economic status by the World Bank,” he added.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi gained for the third straight trading day as the recent World Bank move that lifted the Philippines to upper-middle-income-country (UMIC) status could somewhat help increase investments and credit into the country on better terms.

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Philstocks Financial Japhet Tantiangco Luis Limlingan Rizal Commercial Banking Corporation Michael L. Ricafort

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