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PSEi up on window dressing, budget balance data

PHILIPPINE HARES nded slightly higher on Thursday on window dressing and as the government posted a narrower budget deficit in May.

The Philippine Stock Exchange index (PSEi) inched up by 8.64 points or 0.13% to end at 6,511.49 on Thursday, while the broader all shares index edged higher by 2.08 points or 0.06% to close at 3,465.89.

“The local index notched a slight gain as traders positioned ahead of the anticipated window dressing. The 6,600 area remains a critical resistance for the market, and investors should expect selective volatility driven mainly by portfolio adjustments,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message that stocks inched up following the release of the latest budget balance report.

“Public revenues have so far been strong to the point that the government is planning to raise its collection target for the year. This implies strong expectations towards the local economy,” Mr. Plopenio said.

“The local bourse opened strong as it reached its intraday high of 6,550.25 in the first half of the session. However, selling pressures strengthened in the second half, which trimmed gains. Still, the market was able to close above the 6,500 level,” he added.

The National Government’s budget deficit narrowed to P122.2 billion in May, as revenue growth continued to outpace spending.

Data released by the Bureau of the Treasury on Tuesday showed the fiscal gap narrowed by 16.73% to P122.2 billion in May from P146.8 billion in the same month last year.

Month on month, the budget balance reversed to a deficit from the P66.8-billion surplus in April.

For the first five months of 2023, the fiscal deficit narrowed by 28.86% to P326.3 billion from P458.7 billion in the same period a year ago.

All sectoral indices rose on Thursday except for services, which fell by 29.91 points or 1.88% to 1,556.60; and mining and oil, which dropped by 5.29 points or 0.05% to 9,901.58.

Meanwhile, financials jumped by 20.05 points or 1.08% to 1,861.44; property increased by 19.98 points or 0.75% to 2,670.55; industrials went up by 22.93 points or 0.25% to 9,211.53; and holding firms climbed by 10.54 points or 0.16% to end at 6,402.15.

Value turnover rose to P6.79 billion on Thursday with 1.07 million shares changing hands from the P4.16 billion with 562.94 million issues traded on Tuesday.

Decliners outnumbered advancers, 94 versus 79, while 51 names closed unchanged.

Net foreign buying fell to P414.74 million on Thursday from the P552.59 million recorded on Tuesday. — A.H. Halili

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