Mart flat but stays over 6K
So far, the main index is still trying to stay above 6,000 levels which we viewed as its immediate support level
Daily TribuneSo far, the main index is still trying to stay above 6,000 levels which we viewed as its immediate support level
Horns for luck Bollywood actor Ajay Devgn poses with the bronze bull after ringing the opening bell for the special muhurat trading of the Bombay Stock Exchange on the occasion of Diwali, the Hindu festival of lights, in Mumbai on 24 October 2022. | Agence France-Presse
Shares extended their gains on Tuesday after shooting up 44.62 points to 6,073.41, up by 0.74 percent from the other day's close driven by positive cues from Wall Street overnight as investors anticipate third-quarter earnings.
"So far, the main index is still trying to stay above 6,000 levels which we viewed as its immediate support level," Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said.
On Tuesday, the net market value turnover was still below P5 billion at only P4.05 billion.
Sectors were mixed with Services and Miners in the red territory while Banks led the gainers, up by 1.45 percent.
JG Summit Holdings Inc. was at the top, gaining 2.85 percent, while International Container Terminal Services Inc. had the largest loss of 4.93 percent.
Bargain hunt persists
Investors continued to bargain hunt as the first batch of the third quarter earnings indicated the economy withstood the downturn of the global economy.
Bets were also being made on the possibility that the Bangko Sentral ng Pilipinas carried over from the US, which also opened the week in the green as investors looked ahead to big technology earnings for further clues into the health of the US economy. On the economic front, S&P/Case-Shiller August home prices, FHFA August home prices, and October consumer confidence are slated for release. Oil prices were lower as data showing demand from China remained lackluster in September. Brent crude futures for December delivery were down 3 cents, 0.03 percent, at $93.47 a barrel, after rising two percent last week. US West Texas Intermediate crude lost 20 cents, or 0.24 percent, at $84.85 a barrel. Both benchmarks had fallen by $2 a barrel earlier in the session.
