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The Philippine Stock Exchange Index (PSEi) rose further as investors picked up cheaper stocks following the end of the United States government shutdown and speculation of a possible rate cut.
The main index added 12.97 points, or 0.23 percent, to close at 5,726.99 on Thursday, Nov. 13. Miners and Services continued to lead the advance, while Banks and Conglomerates declined.
A total of 824 million shares valued at ₱6.5 billion were traded. Gainers outnumbered losers 95 to 82, with 51 stocks unchanged.
“The Philippine market ended slightly higher as buying pressure remained strong, with investors taking advantage of relatively cheap stock prices,” said Regina Capital Development Corp. Managing Director Luis Limlingan. He added, “The positive momentum was driven by renewed optimism following the release of some corporate earnings.”
“The PSEi joined many of its regional peers in the green territory this Thursday as the end of the U.S. government’s shutdown with the signing of the funding bill compelled investors to do more bargain hunting,” said Philstocks Financial Research Manager Japhet Tantiangco.
Rizal Commercial Banking Corp. Chief Economist Michael Ricafort said the PSEi was slightly higher for the second straight trading day amid continued bargain-hunting, particularly among the country’s biggest listed telecommunication companies, after the exchange rate corrected lower to close at ₱59 per dollar.
Ricafort also cited “some market speculation on a possible off-cycle monetary easing after softer local economic growth since late last week amid still benign inflation to help spur greater economic growth; also after the recent decline in local interest rate benchmarks.”
