Shares flat before release of Q3 data
Market participation remains weak with a net market value turnover of P3.14 billion, lower than this month’s average so far of P3.97 billion
Daily TribuneMarket participation remains weak with a net market value turnover of P3.14 billion, lower than this month’s average so far of P3.97 billion
Sign shows the numbers for the Hang Seng Index in Hong Kong on 24 October. Hong Kong stocks plunged more than four percent mid day as investors were spooked by Chinese President Xie Jinping’s decision to hand key economic posts to loyalists who back his zero-Covid strategy. | Peter PARKS/Agence France-Presse
The benchmark Philippine Stock Exchange index gained 45.23 points on the first trading day of the week, up by 0.76 percent from last week's close as investors hunt for bargains ahead of third-quarter earnings results.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar pointed out that the government's announcement of defending the peso from falling to 60 per $1 levels boosted the sentiment.
"Wall Street's positive performance last Friday also influenced the market's movement," she added.
On Monday, market participation remains weak with a net market value turnover of P3.14 billion, lower than this month's average so far of P3.97 billion.
Miners were the sole losers, down by 0.14 percent, while Services had the biggest gain of 1.34 percent.
Among index members, Wilcon Depot Inc. gained the most by 3.45 percent while Globe Telcom Inc. was at the bottom, losing 1.46 percent.
Deluge in US data
Investors stateside are going to have a handful of economic data to keep tabs on this week. In contrast, it will be a quiet week. Aside from third-quarter earnings releases, the only data that is due to be out this week is the September budget balance, Regina Capital Development Corp. managing director Luis Limlingan said.
Oil prices rose as hopes of stronger Chinese demand and a weakening greenback outweighed concerns about a global economic downturn and the impact of rising rates on fuel use. Brent crude settled 1.21 percent higher at $93.50 a barrel. US West Texas Intermediate crude added 54 cents to $85.05.
