THE MAIN INDEX rose on Wednesday as the market continued to digest US President Donald J. Trump’s policy views following his inauguration and amid the ASEAN+3 Macroeconomic Research Office’s (AMRO) outlook on the Philippine economy.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.12% or 8.13 points to close at 6,348.34 on Wednesday, while the broader index of all shares fell 0.04% or 1.71 points to 3,698.53.
“The local market went back again as investors hunted for bargains. Helping today’s session were positive indicators from Wall Street and AMRO’s forecast that the Philippines is the second fastest growing economy in Southeast Asia this year by 2025,” said Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco in a Viber statement. the message.
“Philippine stocks are quietly rising as investors begin to assess the market implications of President Trump’s policies. “In a flash, US stocks rose on Tuesday as Wall Street viewed President Trump’s trade rhetoric as softer than expected,” said Head of Sales at Regina Capital Development Corp. Luis A. Limlingan in a Viber message.
AMRO said in its quarterly update of the Regional Economic Outlook released on Tuesday that the gross domestic product of the Philippines is expected to grow by 6.3% this year, unchanged from the December forecast.
This is the second fastest among members of the Association of Southeast Asian Nations, behind Vietnam at 6.5%.
Meanwhile, Wall Street’s leading indexes rose on Tuesday, with the S&P 500 and Dow closing at their highest levels in more than a month as investors assessed Mr. prices are rising, Reuters reports.
The Dow Jones Industrial Average rose 537.98 points or 1.24% to 44,025.81; the S&P 500 gained 52.58 points or 0.88% to 6,049.24; and the Nasdaq Composite gained 126.58 points or 0.64% to 19,756.78 to close near its highest level since Jan. 6.
Back home, almost all industrial indices were closed on Wednesday. Mining and oil lost 0.53 percent or 41.83 points to end at 7,720.43; holding companies fell 0.12% or 6.82 points to 5,336.45; funds fell 0.07% or 1.67 points to 2,178.87; the stock decreased by 0.05% or 1.17 points to 2,336.03; and industrials fell 0.04% or 3.55 points to 8,918.23.
Meanwhile, services rose by 0.71% or 14.83 points to end at 2,095.79.
Value turnover rose to P4.68 billion on Wednesday with 862.32 million shares changing hands from P3.87 billion with 1.01 billion shares traded on Tuesday.
Decliners beat improvers, 103 versus 73, and 65 names were unchanged.
Total exports rose to P404.25 million on Wednesday from P173.15 million on Tuesday. – Revin Mikhael D. Ochave with Reuters
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