Local equities staged a gradual climb on Thursday, Aug. 30, as investors looked forward to the MSCI rebalancing on Friday and the positive sentiment across international markets.
The 30-member Philippine Stock Exchange index (PSEi) rose 0.28% or 22.2 points to 7,853.16, bouncing back from the previous session’s decline. The broader all shares index also firmed up 0.21% or 10.04 points to 4,760.90.
“For our local bourse today, it is our view that it is still on consolidation mode still waiting for a major catalyst such a MSCI rebalancing which will take effect tomorrow,” Philstocks Financial, Inc. Research Associate Piper Chaucer Tan said in a text message on Thursday.
Mr. Tan added that positive sentiment to the infrastructure push of the government.
The government unveiled last Tuesday P36.23 billion worth of large-scale flood control, road, and railway projects which form part of the flagship infrastructure projects for 2019. Most of the projects will be funded through a hybrid framework with initial funding by state budget or official development assistance for the construction phase, while opting for public-private partnerships for operation and maintenance.
The PSEi bucked the slower performances of its regional counterparts, as fears on the trade war between the United States and China pulled down most Asian indices.
Back home, four sectors moved to positive territory, led by holding firms which rose 0.83% or 63.47 points to 7,737.48, followed by financials that gained 0.52% or 9.49 points to 1,821.68. Mining and oil went up 0.3% or 29.89 points to. 9,952.63, while industrial increased 0.21% or 23.76 points to 11,287.06.
On the other hand, services dropped 0.28% or 4.26 points to 1,535.34, while property slipped 0.21% or 8.37 points to 3,951.05.
Some 1.25 billion issues switched hands, valued at P6.33 billion, rising slightly from the previous session’s P6.21 billion. Advancers outpaced declines by a hair, 99 to 97, while 50 stocks remained unchanged.
Foreign investors reversed their buying position, recording net sales of P105.35 million, compared to Wednesday’s net inflows of P91.21 million. — Arra B. Francia