By Denise A. Valdez, Reporter
PHILIPPINE SHARES sustained their climb on Wednesday as the rest of global equities kept improving after taking blows from concerns over the novel coronavirus.
The benchmark Philippine Stock Exchange index (PSEi) racked up 125.95 points or 1.74% to end at 7,352.85 on Wednesday. The broader all shares index likewise increased 60.36 points or 1.40% to close at 4,354.25 yesterday.
“Market continued to recover as regional markets were mostly up together with the US market,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message yesterday.
Wall Street closed Tuesday’s trading on green territory, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite indices up 1.44%, 1.50% and 2.10%, respectively.
Mr. Pangan noted the Chinese market also “continues to recover after they injected stimulus to the economy.”
China’s Shanghai Shenzhen CSI 300 and Shanghai SE Composite indices both jumped on Wednesday by 1.13% and 1.25% respectively.
This followed its central bank’s decision to infuse $57 billion into the banking system in an effort to stabilize the country’s economy amid the novel coronavirus outbreak.
Other Asian markets, like the local bourse, also benefitted from China’s efforts. Japan’s Nikkei 225 and Topix indices increased 1.02% and 1.04% respectively and South Korea’s Kospi index added 0.36%.
Back home, sectoral indices all ended higher on Wednesday as well.
Financials gained 34.49 points or 2% to 1,758.79; property rose 75.02 points or 1.97% to 3,874.03; holding firms climbed 121.58 points or 1.74% to 7,080.39; services picked up 15.77 points or 1.06% to 1,493.59; industrials advanced 91.81 points or 1% to 9,214.18; and mining and oil inched up 14.31 points or 0.19% to close Wednesday’s session at 7,300.99.
Value turnover stood at P9.07 billion with 1.27 billion issues changing hands. This is slightly lower from Tuesday’s P9.61 billion worth of 1.48 billion issues.
Wednesday’s session ended with 110 stocks on the gaining side, 74 stocks on the losing side and 48 names closing unchanged.
Six straight days of bearish sentiment from foreign investors also ended on Wednesday. Net foreign buying stood at P1.54 billion, a turnaround from Tuesday’s net foreign selling of P2.23 billion.
“Here at the PSE, the main index ended higher today with foreign investors coming back into our market… We will see some profit taking toward the end of the week as fears of the pandemic persists,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Wednesday.