PSEi firms up at 8,300
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.