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Economy

Shares up on improvement in manufacturing PMI

By Revin Mikhael D. Ochave, Reporter

SHARES improved on Wednesday as investors reacted to the latest manufacturing purchasing managers’ index (PMI) report.

The 30-member Philippine Stock Exchange index (PSEi) climbed 71.06 points or 1.01% to close at 7,080.62 on Wednesday, while the broader all shares index increased 22.42 points or 0.53% to end at 4,222.09.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that the local market improved on the Philippine manufacturing PMI data for November.

“The improvement in the Philippine manufacturing PMI boosted sentiment although it remains in contraction territory. Expansion in the last month of the year is expected,” Ms. Alviar said.

Factory activity in the Philippines inched closer to stabilization in November, after output rose for the first time in five months and the rate of job losses slowed, a survey conducted by IHS Markit showed.

The IHS Markit Philippines Manufacturing PMI improved to 49.9 last month from 48.5 in October to post the second straight month of deterioration, nearing the 50-neutral mark that separates it from expansion.

Ms. Alviar added that the bourse improved following the positive performance of US markets.

The Dow Jones Industrial Average rose 0.63% to end at 29,823.92 points, while the S&P 500 gained 1.13% to 3,662.45. The Nasdaq Composite climbed 1.28% to 12,355.11.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the market sustained its rally as investor sentiment improved following a statement from a group of US lawmakers regarding a $908-billion stimulus plan.

“The local bourse ended with a gain despite dipping in red territory earlier this morning. Market on close-buying pushed the index higher despite foreigners being net sellers for the day,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message.

Majority of the sectoral indices at the PSE closed with gains on Wednesday. Holding firms picked up 135.45 points or 1.87% to 7,343.53; industrials improved 79.67 points or 0.87% to 9,205.41; property inched up 30.02 points or 0.84% to 3,596.28; and financials rose 2.73 points or 0.19% to 1,418.9.

Meanwhile, services dropped 12.13 points or 0.78% to 1,536.10, while mining and oil fell 1.76 points or 0.02% to 8,592.08.

Value turnover on Wednesday stood at P8.80 billion with 3.90 billion issues switching hands, down from the previous session’s P10.89 billion with 4.04 billion issues.

Decliners bested advancers, 116 against 108, while 39 names ended unchanged.

Net foreign selling was trimmed to P282.35 million from P1.33 billion in the previous session.

“Immediate resistance may be placed at 7,200 while nearest support is at 6,750,” Mr. Pangan said.

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