Stock market recovers after last-minute deals
LAST- MINUTE buying allowed the stock market to bounce back from intraday declines, with investors said to have taken heart from the country’s hosting of a relatively trouble-free Association of Southeast Asian Nations (Asean) Summit.
The benchmark Philippine Stock Exchange index (PSEi) added 0.60 percent or 49.62 points to close at 8,379.64, while the broader All Shares rose 0.39 percent or 19.29 points to settle at 4,913.91.
The index touched as low as 8,280.43 during the day.
“Philippine shares bounced back ahead of the Asean summit conclusion,” an analyst from Regina Capital Development Corp. said, adding that the optimism likely extended to the upcoming release of third quarter gross domestic product (GDP) growth data.
Figures to be released on Thursday will show whether the economy picked up from its 6.5 percent growth pace in the second quarter. Year-to-date GDP growth of 6.4 percent remains just below the government’s 6.5-7.5 percent
target for 2017.
Harry Liu, president at Summit Securities, Inc., said the market was continuing to go through a consolidation.
“There’s no change in fundamen- tals,” Liu said.
With the third quarter earnings season all but over, he added that investors would be looking forward to yearend reports and whether tax reforms being pushed by the government would finally be passed by Congress.
Sectoral results were mixed anew, with financials, services and property declining.
A total of 889 million issues valued at P8.8 billion were traded.
Losers led winners, 111 to 76, while 51 issues were unchanged.