The Philippine Stock Exchange index (PSEi) gained 20.67 points or 0.30 percent to 6,861.31 on the first trading day of the year. Analysts said the local stock market index barely managed to achieve gains as it opened in the red and down 1.15 percent at midday.
Here are three fast facts on PSEi gaining slightly on the first day of trade 2017.
1. The PSEi opened negatively on the first day of trade despite the joyous opening at the Philippine Stock Exchange to welcome 2017.
“I think most investors have extended their holidays and might probably stay on the sideline ahead of US jobs report,” GMA News reported Joylin F. Telagen, equity analyst at IB Gimenez Securities Inc., as saying.
2. The PSEi closed on a high note, but investors stay cautious ahead of the release of the US non-farm jobs data.
Online brokerage firm, 2TradeAsia.com, also added that investors were also weighing on the results of the United Kingdom’s decision to leave the European Union or the “Brexit”, the Fed[eral Reserve] rate hike and the elections.
“The technical indicators aren’t exactly encouraging going into 2017 but the fundamentals are still embracing a rather optimistic narrative” Business World reported 2TradeAsia.com, as saying.
3. Optimism, however, still rang for the PSEi as economic managers and the business sector expressed their hopes for a higher level.
“The year ahead could once again be challenging. However, I believe that challenges offer us opportunities,” The Philippine Daily Inquirer reported PSE chair Jose Pardo, as saying. Pardo added in this welcome speech at the PSE that challenges can help hone skills, develop characters, and appreciate things.
The PSEi gained along with other Asian stock markets on Tuesday as China’s manufacturing purchasing managers’ index (PMI) reached to 51.9. This was the fastest improvement since 2013.
All counters ended higher except for the services counter which slipped modestly.There were 89 advancers that edged out 79 decliners while 42 stocks were unchanged.
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