LOCAL SHARES climbed on Thursday, ending in positive territory for the first time this week as concerns on rising interest rates momentarily settled.
The bellwether Philippine Stock Exchange index (PSEi) gained 0.78% or 59.51 points to close at 7,617.42, reversing early day losses that saw the market sink further down the 7,500 mark.
The broader all-shares index also ended higher, gaining 0.49% or 22.62 points to 4,618.05.
“Philippine markets finally got a lift, coinciding with Wall Street snapping a five-day losing streak as interest rate concerns ebbed. Overnight markets were relatively muted despite the 10-year US Treasury yield firmly above 3%, bringing some buying interest back to the markets,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message Thursday, Apr. 26.
Analysts have been expecting the market to consolidate between the 7,600 to 7,750 level this week, before finding a stronger support base that will help it find its way back to an upward trajectory.
Four sectoral indices advanced, led by property which jumped 2.12% or 74.60 points to 3,589.27. Holding firms followed with an increase of 1.06% or 80 points to 7,569.06; services gained 0.57% or 8.84 points to 1,538.12, while industrials added 0.38% or 41.96 points to 10,819.55.
On the other hand, financials lost 0.82% or 16.09 points to 1,943.03, while mining and oil shed 0.51% or 53.21 points to 10,239.44.
A total of 780 million issues valued at P5.11 billion switched hands on Thursday, lower than Wednesday’s P6.21-billion value turnover.
Advancers outpaced decliners, 112 to 89, while 39 issues closed flat.
Foreign investors remained sellers, with net outflows rising to P488.04 million on Thursday, against P370.53 million in the previous session.
Thirteen of the 20 most actively traded stocks eked out gains, with index heavyweight JG Summit Holdings, Inc rising 3.81% to P61.25 each, while Universal Robina Corp added 2.92% to P137.60 each. Speculation of Now Corp.’s participation as the third telco player continued to propel its shares, rallying 17.08% to P8.02 each.
Shares of homegrown food giant Jollibee Foods Corp. were sold down on Thursday, ending 0.57% lower to P280 apiece.
“Reversal at closing looks good for tomorrow,” Eagle Equities, Inc. President Joseph Y. Roxas said via text when asked for an outlook on the PSEi for the short term.
Positive corporate earnings lifted US markets overnight, with the Dow Jones Industrial average recovering from a five-day decline to close 0.25% or 59.70 points higher to 24,083.83. The S&P 500 index went up 0.18% or 4.84 points to 2,639.40, while the Nasdaq Composite index closed slightly lower or by 0.05% or 3.62 points to 7,003.74.
Asian indices were also mixed on Thursday, as investors digested the impact of quarterly corporate earnings. — Arra B. Francia