Index sustains uptick as key rates unmoved

MANILA, Philippines — The stock market sustained its ascent yesterday, clos­ing in positive territory after the Bangko Sentral ng Pili­pinas (BSP) left interest rates unchanged on Thursday to help stimulate the economy.

The benchmark Philippine Stock Exchange index (PSEi) rose to 5,999.40, up 54.53 points or 0.92 percent.

Likewise, the broader All Shares index went up by 23.99 points or 0.67 percent to finish at 3,586.27.

All the other subsectors fin­ished in positive territory as well.

Total value turnover reached P4.9 billion. Market breadth was slightly positive, 93 to 92, while 57 issues were unchanged.

Foreign buying reached P1.14 billion and foreign sell­ing was at P1.41 billion.

“Local shares closed higher as the PSEi followed attempts by lawmakers to pass the fiscal stimulus package. The market closed though before news of President Trump and his wife contracted the COVID-19 virus, hence investor reaction did not reflect the news. Upon release of the news, US futures have already tumbled 400 points as of this writing,” said Luis Lim­lingan of Regina Capital.

In terms of COVID-19 up­dates, infections continue to spike in Germany, Israel, Italy, Poland and Malaysia.

Traders said they are not so optimistic about a sustained rally until flows turn positive, but foreign funds continue to look for catalysts to return to to the longest side.
market on a longer basis.