Stocks reflect uptick in foreign markets

By Richmond Mercurio (The Philippine Star) | Updated May 24, 2017 – 12:00am
http://www.philstar.com/business/2017/05/24/1702853/stocks-reflect-uptick-foreign-markets

MANILA, Philippines – The stock market sustained its winning ways yesterday despite much smaller gains as it continued to take cues from foreign markets.

The Philippine Stock Exchange index (PSEi) finished yesterday’s trading with a 0.07 percent, or 5.57-point improvement at 7,812.14. This was complemented by a 0.15 percent, or 7.23-point increase of the broader All Shares index at 4,662.16.

Due to the lack of a local catalyst, analysts said the local market searched for inspiration abroad and found higher regional markets as well as surging US stocks.

“US stocks closed higher Monday for a third session of gains, recovering most of last week’s sharp loss as tech and industrial stocks rallied in a day marked by lighter than usual volume,” DA Market Securities Inc. said.

Analysts said investors are currently waiting for results of President Duterte’s state visit to Russia, which could serve as fresh stimulus.

All local counters closed in the green except for financials which suffered a 0.30-percent drop. Mining and oil counter posted the biggest improvement with 0.96 percent.

Market breadth, however, remained negative as decliners finished with a slight advantage over advancers, 97 to 93, while 49 stocks were unchanged.

Value turnover slipped to P7.41 billion compared to Monday’s P12 billion.