Late rally lifts market; Asia bourses fall

MANILA, Philippines - The benchmark Philippine Stock Exchange index (PSEi) managed to make a rebound at the last minute yesterday even as the market joined Asian peers in trading lower most of the day amid global uncertainties.

The PSEi gained 44.46 points, or 0.59 percent, to finish at 7,554.40 while the broader All-Shares index gained 4.11 points or 0.09 percent to firm up at 4,508.36.

The financials, holding firms and property sectors ended in positive territory, while the industrial, services and mining and oil closed in the red.

Total value turnover amounted to P7.22 billion. Decliners edged out advancers, 128 to 62 while 42 stocks were left unchanged.

Analysts said the local stock market is still vulnerable to risk aversion and investor jitters ahead of a meeting of the US Federal Reserve tomorrow.

The US Fed is not expected to increase rates just yet but investors are keeping a close watch on how hawkish or dovish the Fed’s tone will be.

A scheduled referendum on the potential exit by the United Kingdom from the European Union also sent investors jittery.

Because of the so-called Brexit vote on June 23, investors are looking for safer havens to park their funds.

Britain wants to exit the EU as it believes the EU imposes too many rules on business and charges billions of pounds a year in membership fees for little in return.

Throughout the day, Asian stocks plunged but the local stock market ended up outperforming its peers.