Connect with us

Hi, what are you looking for?

Economy

PSEi rebounds on bargain hunting, US stimulus

LOCAL SHARES bounced back on Monday as investors picked up bargains at the last minute and on news of a $1.9-trillion economic stimulus package being pushed in the United States.

Ending its six-day decline, the 30-member Philippine Stock Exchange index (PSEi) rose 25.67 points or 0.36% to close at 7,071.50 on Monday, while the broader all shares index rose 8.96 points or 0.21% to 4,250.65.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market improved as investors study the new stimulus package being pushed by US President Joe R. Biden.

Officials in Mr. Biden’s administration tried to head off Republican concerns that his $1.9-trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution, Reuters reported.

Lawmakers from both parties said they had agreed that getting the COVID-19 vaccine to Americans should be a priority, but some Republicans objected to such a hefty package only a month after Congress passed a $900-billion relief measure.

“We can’t wait,” White House Principal Deputy Press Secretary Karine Jean-Pierre told reporters. “Just because Washington has been gridlocked before, doesn’t mean it needs to continue to be gridlocked.”

As of Monday, the US led all countries in terms of coronavirus disease 2019 (COVID-19) cases at 25.12 million, based on data from the Johns Hopkins University COVID-19 dashboard. The country also has the most deaths at 419,209.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market improved on bargain hunting.

“Last minute bargain hunting sent the local market higher on Monday. With this, the local bourse breaks its six-day losing streak,” Mr. Tantiangco said in a mobile phone message.

Sectoral indices ended mixed. Financials inched up 21.76 points or 1.5% to 1,470.88; property climbed 41.16 points or 1.15% to 3,609.27; and services gained 4.83 points or 0.31% to 1,540.96.

Meanwhile, mining and oil declined 109.25 points or 1.17% to 9,212.70; industrials retreated 73.73 points or 0.8% to 9,101.37; and holding firms lost 11.82 points or 0.16% to 7,213.33.

Value turnover on Monday reached P9.11 billion with 79.86 billion issues switching hands, lower than the P11.39 billion, with 135.08 billion issues traded in the previous session.

Decliners beat advancers, 129 against 92, while 39 names ended unchanged.

Net foreign selling amounted to P311.43 million, lower than the P1.42 billion logged on Friday.

“We’ll have to observe if the index continues to hold its 7,000 support, with 7,300 being the nearest resistance area,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON — President Joseph R. Biden, Jr., on Thursday urged local governments to pay people to get vaccinated against coronavirus disease 2019 (COVID-19), and...

Economy

LONDON — Carmaker Volkswagen, plane maker Airbus, and energy major Royal Dutch Shell all posted bumper financial earnings on Thursday reflecting a generally buoyant mood...

Economy

More than just a place to eat and sleep, our home should be a sanctuary where we can keep ourselves in the best shape...

Economy

Thailand’s Phuket will ban travel from the rest of the country from Aug. 3 to 16 to try to stop a surge in coronavirus...

Investing

More than 5 million people had a parcel lost or stolen last year, according to Citizens Advice, which has called on the government to...

Investing

The number of people on furlough fell below two million towards the end of June as the economic recovery gathered pace, official figures show....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!