PSEi up 0.30% at week’s




The Manila Times

Business Times

THE Philippine Stock Exchange (PSE) gained for the second straight trading day on Monday by 18.27 points (0.30 percent) to settle at 6,183.62. According to Philstocks Financial Inc. senior research analyst Japhet Tantiangco, investors continued their hunt for bargains from last week’s gain as they took opportunities from the local market which has already declined for four straight weeks. The easing of global commodity prices, improvements in the gauges of local business and consumer confidence, and the stabilization of the peso helped market sentiment as well, Rizal Commercial Banking Corp. chief economist Michael Ricafort noted. For potential catalysts, Regina Capital Development Corp. Managing Director Luis Limlingan highlighted that locally, investors are eyeing the release of the Philippines’ June inflation figures and in the United States, the publication of the Federal Open Market Committee meeting minutes and the jobs report for June. In oil trading, prices edged higher last Friday, propelled by supply outages in Libya and expected shutdowns in Norway that outweighed expectations of an economic slowdown. Brent crude futures settled at $111.74 per barrel (2.5 percent), while West Texas Intermediate crude inched up by 2.7 percent to $108.57 per barrel. Trading remained weak as many investors continued to remain on the sidelines due to lingering global and local concerns. Net value turnover for the day stood at P3.61 billion, below the yearto-date average of P6.62 billion. Foreigners were net sellers with net outflows amounting to P613.26 million. Sectors were mixed with the financials leading the gainers, adding 1.59 percent. Mining and oil was at the bottom, cutting 1.29 percent. Decliners edged advancers 111 to 69 while 50 securities remained unchanged.