The local barometer for investor confidence snapped its three-day decline on Wednesday, April 18, fuelled by investors looking for bargains alongside optimism from global markets overnight.
The Philippine Stock Exchange index (PSEi) gained 0.9% or 69.74 points to close at 7,793.13, bouncing back from its 100-point decline in the previous trading session. The broader all-shares index also firmed up 0.52% or 24.62 points to end at 4,720.58.
“Technical indicators such as a Bullish Divergence with RSI as well as optimism from US markets last night from strong first quarter corporate earnings signaled the possible comeback of the index today. And true enough, the index gained as much as 105 points before closing slightly lower at 7,793.13,” Papa Securities Corp. Trader Gabriel F. Perez said in an email.
Earnings reports boosted Wall Street’s performance on Tuesday, with the Dow Jones Industrial Average closing 0.87% higher or 213.59 points to 24,786.63. The S&P 500 index jumped 1.07% or 28.55 points to 2,706.39, while the Nasdaq Composite Index climbed 1.74% or 124.81 points to 7,281.10.
“(The PSEi) probably just moving in line with United States markets last night. Could also be due to bargain hunting given yesterday’s move,” China Bank Securities Corp. Research Director Garie Ouano said via text.
Four sectoral counters stayed in positive territory, led by property which added 147% or 52.32 points to 3,619.70. Industrial rose 1.14% or 126.13 points to 11,178.63; financials went up 1.12% or 22.04 points to 1,997.31; while holding firms closed 0.26% higher or 20.29 points to 7,747.10.
On the other hand, mining and oil lost 1.35% or 147.05 points to 10,717.66, while services gave up 0.14% or 2.14 points to 1,587.20.
Some 1.1 billion issues switched hands, resulting to a value turnover of P7.31 billion, slightly higher than Tuesday’s P7.03 billion.
Decliners narrowly beat advancers, 107 to 103, while 40 stocks were unchanged. — Arra B. Francia

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