March 02, 2017

PSEi rebounds to the 7,200 mark

The Philippine Stock Exchange index gained a 0.9% increase yesterday, after a 4-day slump. PSEi rebounded to 64.24 points, and closed at 7,234.94. 

“Philippine markets were bought heavily after the strong rally last night. US stocks rallied and the Dow locked in a 1,000-point gain to breach 21,000 for the first time as investors embraced the combination of a ‘more subdued’ President (Donald Trump) and decisively hawkish Fed commentary,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

According to the Philippine Daily Inquirer, Thursday’s gain in the local market was led by the financial counter which rose by 1.2 percent. The industrial, holding firm, services and property counters also firmed up.

More highs and lows from yesterday's exchanges.

  • The mining and oil counter ended lower.
  • Value turnover for the day stays at P5.64 billion.
  • AC gained 2.42 percent while ALI, BDO, MPI, Metrobank, GT Capital, ICTSI and PLDT firmed up by over 1 percent. SMIC, Jollibee and Globe also firmed up.
  • Leading canned food manufacturer Century Pacific also gained 2.33 percent.
  • SM Prime, Semirara and AEV slipped.
  • The peso further fell Thursday to a fresh 10-year low against the US dollar, closing at 50.31:$1 from 50.28:$1 on Wednesday.

This is the first time the Peso has weakened since September 26, 2006, when the Peso-Dollar rate was 50.32:$1.