PSEi up 0.28% on positive market sentiment

ED PAOLO SALTING

2022-08-13T07:00:00.0000000Z

2022-08-13T07:00:00.0000000Z

The Manila Times

https://digitaledition.manilatimes.net/article/281818582610612

Business Times

THE Philippine Stock Exchange index (PSEi) gained 18.98 points, or 0.28 percent, on Friday to end the week at 6,699.66. Claire Alviar, research associate at Philstocks Financial Inc., said this slight gain was on the back of lingering positive sentiment as investors expect the Bangko Sentral ng Pilipinas will not be aggressive in its monetary tightening after inflation in the United States slowed down. Regina Capital Development Corp. Managing Director Luis Limlingan also noted that Fitch Solutions revised upward its 2022 Philippine economic growth forecast from 6.1 percent to 6.6 percent following the relatively strong first-half performance from 2022. “Despite the slow rise in the second quarter of 2022, Fitch Solutions Country Risk and Industry Research raised its GDP (gross domestic product) growth forecast for the financial year of 2022. A think tank believes the PH (Philippines) can still meet its GDP growth target (6.5-7.5 percent),” Limlingan added. “The PSEi again continued to gain for the fifth straight day after continued better corporate earnings that fundamentally helped further improve valuations and as US stock markets hovered among three-month highs recently amid slower-than-expected producer inflation,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said. A report from The Associated Press said Asian shares went up after a mixed day on Wall Street, where benchmarks meandered following another encouraging report about inflation. Tokyo’s Nikkei 225 surged by 2.62 percent, catching up on gains after being closed Thursday for a holiday. Hong Kong and Seoul also advanced, while Shanghai and Sydney declined. US futures edged higher and oil prices fell. For the Philippine bourse, net value turnover was recorded at P6.71 billion, higher than the month-todate’s average of P6.44 billion. Total volume was at 1,674,571,084 with 87,145 trades conducted. Financials led the sectors, up 1.43 percent, while properties was the sole loser, dipping by 0.23 percent. Advancers edged decliners, 119 to 77, while 46 securities remained unchanged.

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