PSEi ekes out gain on last-minute bargain hunting
THE Philippine Stock Exchange index closed at 6,315.93 on Friday, rising 0.38 percent as late-session bargain hunting offset early losses.
Photo courtesy of Philippine Stock Exchange, Inc.
The Philippine Stock Exchange index (PSEi) closed higher on Friday, ending at 6,315.93, up 0.38 percent, as last-minute bargain hunting lifted the market into positive territory.
The local bourse spent most of the session in the red, weighed down by tempered expectations of a US Federal Reserve rate cut following hotter-than-expected July producer price inflation in the United States. Sentiment was further dampened by news that the Philippines’ second-quarter foreign investment pledges plunged 64 percent year-on-year.
Trading was brisk, with net value turnover reaching P9.66 billion – well above the year-to-date average of P5.95 billion. Foreign investors were net sellers, unloading P514.88 million worth of shares.
By sector, only mining and oil posted losses, slipping 0.63 percent, while industrials led the gainers with a 1.01 percent rise. Market breadth was negative, with decliners edging out advancers, 109 to 83.
Meanwhile, the peso closed weaker at P57.065 to the US dollar, compared to Thursday’s P56.945, according to Bankers Association of the Philippines data.