Stock mar­ket re­cov­ers af­ter last-minute deals

Manila Times - - BUSINESS TIMES - AN­GEL­ICA BALLES­TEROS

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.

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