Lack Of Market-Moving News Didn’t Stop The Rise Of PSEi

There was an absence of market-moving news these past few days. But despite that, according to PhilStar, analysts claim that the benchmark Philippine Stock Exchange index (PSEi) still managed to rise yesterday.

The rise may not be dramatic but given the circumstances, but it is a welcome sight and it’s not all that bad.

PSEi Image
PHOTO CREDIT: PhilStar

The recorded closing market gauge stopped at 8,321.98 which is 10.90 higher than yesterday. The broader All Shares index, however, ended at 4,871.75 which is 0.04% or 2.07 points lower.

The services, property, and industrial indexes ended up in red, making the sectoral indexes in a mixed up bag.

There were also not enough catalysts that were introduced to push the market to new levels, making the total value of turnover still thinner than what the projected value should be.

In market breadth, 42 issues were left unchanged, while the total was negative, from 122 to 80.

Luis Limlingan of Regina Capital shares his concern about the retreat on Wall Street.

“US stocks retreated last Friday. The Dow Jones was down 0.4 percent as investors were concerned of economic growth,“

The US stocks retreat on Wall Street had the expected outcome. Asian shares also pulled back yesterday with investor sentiment hurt by the retreat.

Meanwhile, the euro and German stocks futures also skidded after the German coalition talks affected it negatively and made it hit an impasse.

European stock futures skidded down to 0.3 percent, which opened suggestions for downbeat opening for that region. Other futures also went down, FTSE futures went 0.1 percent lower, CAC futures fell to 0.2 percent, and DAX futures skidded to 0.7 percent.

Volatile Chinese shares have already reversed their earlier sharp losses, as MSCI’s broadest index of shares in Asia-Pacific that are outside Japan was off to the session lows to be slightly decreased.

This news proves that we still have the momentum of growth despite lack of market-moving news.

Source: PhilStar