Market stays flat below 5.8K mark
Narrowed fiscal deficit for August and the growth of the universal and commercial bank lending were cheered by investors
Daily TribuneNarrowed fiscal deficit for August and the growth of the universal and commercial bank lending were cheered by investors
Despite trading in the red territory for most of the day, last-minute bargain hunting pushed the benchmark Philippine Stock Exchange index to climb 42.08 points to 5,783.15, 0.73 percent higher than last Friday's close. The local bourse was able to sustain its position above its immediate support, which was at the 5,700 level. "The narrowed fiscal deficit for August and the growth of the universal and commercial bank lending were cheered by investors which in turn aided in the positive close of the day," Philstocks Financial Inc. researcher Mikhail Plopenio, in a commentary on Monday, said.
"However, ongoing headwinds such as the peso's weakness and recession worries kept many investors on the sidelines, which resulted in weak trading." "Bargain hunters made bets that central bankers across the globe would step in to combat inflation while making sure growth would not falter," Regina Capital Development Corp. managing director Luis Limlingan said.
Snap Fed meet
Reports have been circulating that the Fed itself will hold an emergency meeting in light of the recent development in the currency and fixed income securities market. A slew of economic data is also slated to be published stateside this week, Limlingan added.
The net value turnover on Monday was at P3.73 billion, still below the year-to-date average of P6.19 billion.
Foreigners remained net sellers with net outflows amounting to P691.88 million.
Among the sectors, the conglomerates led the gainers, which climbed 1.07 percent.
The miners were at the tail end, dropping 1.37 percent. Decliners edged gainers 139 to 51.
Manila Electric Company was the leading index gainer, advancing 5.40 percent to P277.20. Wilcon Depot Inc. was at the bottom, dropping 9.55 percent to P28.90.
