PSEi firms up at 8,300

Cebu Daily News - - ENTERPRISE - /INQUIRER.NET

The l ocal stock barom­e­ter firmed up above the 8,300 mark on Mon­day ahead of a mid­week trad­ing break and an up­com­ing pol­icy state­ment from the US Fed­eral Re­serve.

The main-share Philip­pine Stock Ex­change in­dex added 69.31 points or 0.84 per­cent to close at 8,365.26, driven mostly by do­mes­tic in­vestors’ buy­ing ac­tiv­i­ties as the lo­cal cor­po­rate earn­ings re­port­ing sea­son started.

The stock mar­ket is closed on Tues­day (Oct. 31) and Wed­nes­day (Nov. 1) as the na­tion pauses to honor the dead.

Luis Ger­ardo Lim­lin­gan, manag­ing di­rec­tor at Regina Cap­i­tal De­vel­op­ment, said key US eco­nomic re­leases to watch out for this week would be per­sonal in- come and spend­ing re­port, man­u­fac­tur­ing gauge and jobs data. The state­ment from the Oc­to­ber 31 to Novem­ber 1 US Fed­eral Open Mar­ket Com­mit­tee (FOMC) will also be re­leased on Wed­nes­day along­side other speak­ing en­gage­ments by Fed of­fi­cials later in the week, he noted.

“On Nov. 1, we ex­pect the FOMC to keep pol­icy un­changed and see few sub­stan­tive changes to the state­ment,” Lim­lin­gan said.

“We ex­pect a slightly more up­beat tone on growth that ac­knowl­edges dis­rup­tions from the hur­ri­canes but char­ac­ter­izes them as tem­po­rary or in the past tense, as we think Fed of­fi­cials will view the data re­leased over the in­ter­meet­ing pe­riod as broadly en­cour­ag­ing,” he added.

On Mon­day, the PSEi was led higher by the hold­ing firm, ser­vices and prop- erty coun­ters, which all ad­vanced by over 1 per­cent.

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