Ber-month start fails to cheer mart
PSEi closed at 6,588.28, up by 4.63 points or 0.07 percent after two straight days of declines
The cold ber-month season has officially started but the Philippine Stock Exchange index remained lukewarn as it ended Thursday trading flat as investors weighed the possible consequences of the US Federal Reserve’s tough fight against inflation.
PSEi, the capital market barometer, closed at 6,588.28, up by 4.63 points or 0.07 percent after two straight days of declines.
According to Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar, last-minute bargain hunting saved the market from entering red territory again.
Alviar also pointed out that bank lending growth of 11.9 percent year-on-year in July also “helped boost the sentiment at home.”
Despite this resistance, market participation remains weak, with a net market value turnover recorded at only P4.8 billion, which is still lower than the year-to-date average of P6.29 billion. In addition, the bourse also failed to return above the 6,600 levels.
Holdings gain, properties down
Market performances were mixed with Holdings gaining 1.14 percent, while Properties lost the most by 2.06 percent.
San Miguel Corporation emerged at the top after surging 4.66 percent while Wilcon Depot Inc. was yesterday’s biggest loser at 6.34 percent.
Recently, Cleveland Federal Reserve President Loretta Mester said interest rates are likely to register above the 4 percent mark in the coming months, with no cuts seen at least through 2023.
Oil prices “continued to slide on recession fears, hawkish policies, and increased restrictions to curb Covid-19 in China,” according to Luis Limlingan, Head of Sales at the Regina Capital Development Corp.
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