The market was able to close with gains amid the afternoon bargain hunting backed by optimistic anticipation of third quarter company earnings.
The benchmark Philippine Stock Exchange index (PSEi) gained 15.25 points to close 0.19 percent higher on Thursday at 7,930.55 as investors trade cautiously on the lack of stronger trading leads ahead of the release of listed companies’ third quarter reports.
The broader all-shares likewise was also up 0.15 percent to 4,770.93, while four out of six sub-sectoral indices registered gains.
“The market was able to close with gains amid the afternoon bargain hunting backed by optimistic anticipation of third quarter company earnings. Foreign funds also helped today with net foreign inflows amounting to P1.08 billion,” research associate for Philstocks Financials Inc. Japhet Tantiangco said in a text message.
Still, he added that volume remained weak with average value turnover this week standing at P4.90 billion, lower from the year-to-date average of P7.47 billion. The session saw 93 advancers win over 79 decliners, while 57 names were unchanged.
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The mining and oil index registered the highest drop at 1.42 percent, followed by the holding firms index at 0.17 percent. On the other hand, the financials index rose 0.68 percent, followed by the industrial index at 0.34 percent, property index at 0.25 percent and services index at 0.09 percent.
Overseas, retail sales data in the US emerged slower than expected, weighing down sentiments just as president Donald Trump announces that the partial trade deal with China will be signed next month.
The Dow Jones Industrial Average dropped 0.8 percent to 27,001.98 overnight. The Nasdaq Composite was also down 0.30 percent at 8,124.18 while the S&P 500 receded 0.20 percent to 2,989.69.
Nearly breaching the 8,000 level, Tantiangco said the 30-member main index’s next few steps could still be dictated by developments abroad such as the US-China trade talks, Brexit talks, “and if US corporate earnings will be stellar.”
He added that the index’s biggest chance of reaching the 8,000 mark “lies in the third quarter earnings of our listed companies.”
