PSEi rebounds on month-end window dressing

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By Arra B. Francia, Senior Reporter

THE MAIN INDEX recovered on Thursday, as investors bought select stocks for end-of-month window dressing.

The benchmark Philippine Stock Exchange index (PSEi)climbed 0.55% or 44.07 points to close at 8,057.64 yesterday, bouncing back from the previous session’s losses. The all-shares index likewise gained 0.54% or 26.80 points to 4,924.31.

“Window dressing started with some names being bought up, while investors remained hopeful after Trump said a trade deal with Xi was possible this weekend at G20,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

A number of index heavyweights rallied in Thursday’s session, including First Gen Corp. (up 3.64% to P27.05); SM Investments Corp. (up 2.63% to P975); International Container Terminal Services, Inc. (up 1.73% to P146.90); and Manila Electric Co. (up 1.57% to P387).

US President Donald J. Trump also hinted at the possibility of striking a trade deal with China this weekend at the G20 summit in Japan, where he is scheduled to meet Chinese President Xi Jinping. This will be the two leaders’ first meeting since November last year.

However, Mr. Trump also said he will impose additional tariffs on Chinese goods if they fail to arrive at a deal.

“Markets could still be waiting on the results of the G20 summit that would happen in the next few days. Until then, the index could continue its muted movement for [Friday],” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

Four sectoral indices moved to positive territory, led by holding firms which jumped 1.21% or 92.83 points to 7,725.34. Services rose 0.53% or 9.21 points to 1,717.06; industrials advanced 0.28% or 33.71 points to 11,873.82; while property added 0.04 point to 4,302.79.

Meanwhile, mining and oil dropped 0.72% or 55.11 points to 7,527.47. Financials also shed 0.01% or 0.31 point to 1,738.57.

Some 1.07 billion issues valued at P8.40 billion switched hands, slightly lower than Wednesday’s P8.13 billion.

Advancers outpaced decliners, 115 to 86, while 48 names were unchanged.

Foreign investors remained net sellers at P137.94 million, although lower than the previous session’s P573.63 million.

Wall Street indices were mixed, with the Dow Jones Industrial Average slipping 0.04% or 11.40 points to 26,536.82. The S&P 500 index slumped 0.12% or 3.60 points to 2,913.78, while the Nasdaq Composite firmed up 0.32% or 25.25 points to 7,909.97.

Asian markets, meanwhile, were mostly in the green on hopes of a renewed trade deal in the upcoming G20 summit. Japan’s Nikkei 225 edged higher by 1.19% or 251.58 points to 21,338.17. The Hang Seng index racked up 1.31% or 368.71 points to 28,590.69, while the Shanghai Composite was up 0.69% or 20.51 points to 2,996.79.