SHARE prices bounced back on Wednesday as the deadline to impose US tariffs on Chinese products inched closer while the Fed meeting drove investors to Philippine stocks.
The bellwether Philippine Stock Exchange index (PSEi) advanced 50.23 points or 0.65% to close at 7,786.41 Wednesday, while the broader all-shares index gained 13.65 points or 0.29% to 4,623.66.
“Investors switched back to Philippine equities as others waited for the looming 15 Dec. tariff deadline. Market jitters left Wall St. in the red last night as a result,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message Wednesday.
US President Donald Trump is scheduled to decide on Dec. 15 whether the country will roll back or allow tariffs on Chinese products to move forward. The uncertainty pushed investors away from US equities Tuesday, leaving the Dow Jones Industrial Average, the S&P 500 index and the Nasdaq Composite index to decline 0.10%, 0.11% and 0.07%, respectively.
But Mr. Limlingan noted Asian equities still ended higher Wednesday pending the conclusion of the Federal Open Market Committee’s two-day meeting. China’s Shanghai SE Composite index rose 0.24%, South Korea’s KOSPI index rose 0.36% and Australia’s S&P/ASX 200 index rose 0.68%.
In the Philippines, four subsectors rose Wednesday, led by property, which was up 58.62 points or 1.43% at 4,152.45. Industrials gained 29.25 points or 0.30% to 9,560.49, services added 15.14 points or 1.01% to 1,501.95 and financials were up 13.67 points or 0.73% at 1,885.88.
Mining and oil fell 41.48 points or 0.55% to 7,471.67 while holding firms declined 25.58 points or 0.33% to 7,588.03.
Trading volume was 666.15 million issues worth P5.29 billion, up from Tuesday’s 525.65 million issues worth P3.87 billion.
Most-active stocks were Metro Pacific Investments Corp. and DMCI Holdings, Inc. — the listed investors behind embattled Maynilad Water Services, Inc. They fell 13.08% and 13.39%, respectively.
Gainers outnumbered decliners, 98 to 86, while 53 were unchanged.
Foreign investors remained net sellers Wednesday, but the net outflows narrowed to P471.74 million from P563.90 million Tuesday. — Denise A. Valdez