Connect with us

Hi, what are you looking for?

Economy

PSEi inches up as rising cases keep mart cautious

THE MAIN INDEX rebounded on Tuesday despite rising concerns over the continued spike in coronavirus disease 2019 (COVID-19) infections in the country.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 9.91 points or 0.14% to close at 6,766.83 on Tuesday. Meanwhile, the broader all shares index declined by 4.45 points or 0.1% to finish at 4,074.95.

“Market apparently worried about the economic growth fallout of the virus infection spike as herd immunity looks a lot slower to achieve. That, in turn, will slow the pace of economic reopening,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan meanwhile pointed to a number of other events that kept investors on the sidelines, including the recent passage of a stimulus bill worth $1.9 trillion in the United States.

“[This underlines] a stock market rotation driven by the rising US yields,” Mr. Limlingan said in a separate Viber message.

“[Yesterday] morning, Phivolcs (Philippine Institute of Volcanology and Seismology) raised the alert level status of Taal Volcano from level 1, low level of unrest, to level 2, increasing unrest, which advises the public against going to the direction of the volcano,” he added.

The government increased its alert level on Taal as the tourist attraction 65 kilometers south of the capital recorded increased unrest, Bloomberg reported.

Taal’s alert status was raised to level 2 after 28 volcanic tremors and four low-frequency volcanic earthquakes in the past 24 hours, Phivolcs said in a Tuesday advisory. It also recorded changes in the main crater lake and ground deformation.

Taal erupted in early 2020, killing dozens and forcing hundreds of thousands to evacuate.

Majority of sectoral indices went up marginally on Tuesday except for property, which fell by 26.79 points or 0.79% to 3,363.08.

Financials improved by 8.9 points or 0.62% to close at 1,437.87; holding firms increased by 17.93 points or 0.25% to 6,986.12; mining and oil went up by 21.14 points or 0.24% to 8,604.33; industrials inched up by 15.42 points or 0.17% to 8,656.62; and services rose by 1.54 points or 0.1% to 1,458.94.

Value turnover soared to P19.02 billion on Tuesday with 5.90 billion shares switching hands from the P9.85 billion seen on Monday. Decliners bested advances, 131 versus 83, while 48 names closed the session unchanged.

Net foreign selling surged to P10.55 billion on Tuesday from the P497.84 million seen on Monday.

Regina Capital’s Mr. Limlingan said the PSEi may finish at the 6,700 level today, depending on the performance of the US market overnight.

FMIC’s Ms. Ulang meanwhile expects the benchmark index to finish between 6,600 and 6,800.

“There could be slow accumulation as this [market] dip is a buying opportunity, but the buying might not be big enough to lift the market substantially,” Ms. Ulang said. — Keren Concepcion G. Valmonte with Bloomberg

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

THE SENATE on Monday ratified the Bicameral Conference Committee report on a measure that seeks to lower the minimum investment hurdle for foreign retailers...

Economy

The Philippines is one of 17 countries that have kept schools fully closed since the pandemic began, according to a report released by the...

Economy

Workers are busy cleaning in preparation for the restaurant’s reopening in Marikina City. — PHILIPPINE STAR/ MICHAEL VARCAS THE RESTAURANT industry is anticipating some...

Economy

EXCISE TAX collections from cigarettes jumped by 31% to P83 billion in the first seven months, with more than half coming from Philip Morris...

Investing

The world’s largest franchisor of home service brands, has announced the acquisition of Pimlico Plumbers, central London’s leading independent residential and commercial service and...

Economy

MEGAWORLD Corp. will be spending P40 billion to develop an eco-tourism township in Palawan in the next 10 to 15 years, Andrew L. Tan’s...

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...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

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...

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!