The Philippine Stock Exchange Index (PSEi) climbed 0.37 percent on Wednesday, the last trading day for Holy Week. Analysts attribute the increase to the country's strong economic outlook as well as some last-minute buying yesterday. Read on to learn more about the latest PSEi news update.
Three Things To Know About The Philippine Stock Exchange Index's Climb To 0.37 Percent:
1. The PSEi index climbed 28.24 points on Wednesday, April 12.
The PSE's Daily Quotations Report shows the local stock index climbing 28.24 points or 0.37 percent to finish at 7,629.64 points. The PSE All-Shares index also added 0.43 percent or 19.77 points to close at 4,552.69.
"Local markets ended on a positive note as investors sought refuge in the Philippines against other regions," BusinessWorld Online reported Luis Limlingan, Regina Capital Development Corp. business development head, as saying. "US stocks yet again pared deep morning losses and only closed narrowly lower."
2. The industrials sector was the leading counter, in terms of gaining points on Wednesday.
The industrials counter rose 106.53 points, or 0.94 percent, closing at 11,377.64. Meanwhile, the holding firms and property sectors also climbed to 7,683.19 and 3,331.07, respectively. The former rose 0.36 percent or 27.54 points, while the latter added 23.28 points or 0.7 percent. On the other hand, the sectors of financials, services and mining and oil, closed at 1,888.44, 1,614.18 and 12,146.93, respectively.
3. Net foreign buying also climbed to P109.05 million.
Net foreign buying climbed from the previous session’s P80.53 million, according to the PSEi Chart. There were 113 advancers and 63 decliners on Wednesday, while 60 stocks were unchanged.
There were also 236 traded issues and 87,413 trades. However, value turnover went down from P7.13 billion on Tuesday to P6.19 billion yesterday. Aside from this, 755.58 million shares changed hands.
Manuel Antonio Lisbona, PNB Securities, Inc. President, said that investors appeared to buy in on the World Bank’s view regarding the Philippines' ability to maintain its performance even if there are risks of interest rates rising.
Lisbona added that chart-wise, the local stock market is due for a correction because it is overbought in the short term. "There is a gap that needs to be covered sooner rather than later," he added.
What do you think of the PSEi climbing 0.37 percent to finish at 7,629.64 level on Wednesday? What about the strong economic outlook of the Philippines? Share with us your thoughts in the comments area below.