PHL shares rebound as investors buy bargains


PHILIPPINE SHARES recovered on Tuesday on bargain hunting and following foreign direct investments (FDI) data for December and full-year 2023.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.1% or 7.35 points to end at 6,879.59, while the broader all shares index climbed by 0.15% or 5.59 points to close at 3,580.31.

“The local bourse inched up by 7.35 points (0.1%) to 6,879.59 as investors hunted for bargains. Many also cheered the December 2023 FDI figures which posted a 29.9% year-on-year surge in net inflows,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Data from the Bangko Sentral ng Pilipinas (BSP) showed FDI net inflows dropped by 6.6% to $8.9 billion last year from $9.5 billion in 2022.

Despite the annual decline, FDI net inflows exceeded the BSP’s projection of $8 billion for the full year.

In December alone, FDI net inflows jumped by 30% to $826 million from $636 million in the same month in 2022.

Month on month, it was 29.9% lower than the $1.056 billion in November.

Still the market closed with trimmed gains, implying that investors are being cautious ahead of the US inflation data,” Mr. Plopenio added.

“The market is still on… and consolidation in light of a hawkish Bangko Sentral ng Pilipinas and jitters ahead of US consumer inflation data for last month,” First Metro Investment Corp. Head of Research Cristina S. Ulang likewise said in a Viber message.

February US consumer price index (CPI) data were set to be released overnight.

US CPI increased 0.3% in January after gaining 0.2% in December. In the 12 months through January, the CPI increased 3.1% after rising by 3.4% in December.

Majority of the market’s sectoral indices closed higher on Tuesday, led by services, which rose by 2.04% or 36.65 points to 1,831.02. Holding firms climbed by 0.13% or 8.85 points to 6,598.95; property went up by 0.11% or 3.08 points to 2,770.55; and mining and oil increased by 0.03% or 2.60 points to 8,324.07.

Meanwhile, financials dropped by 1.07% or 21.75 points to 1,996.05, and industrials fell by 0.07% or 6.75 points to 9,024.13.

“Among the index members, PLDT, Inc. achieved the top spot, jumping by 6.3% while Wilcon Depot, Inc. was at the bottom, losing 4.06%,” Mr. Plopenio said.

Value turnover rose to P5.53 billion on Tuesday with 945.76 million issues changing hands from P3.76 billion with 507.92 million shares traded on Monday.

Advancers beat decliners, 109 against 72, while 54 names were unchanged.

Net foreign buying stood at P348.86 million on Tuesday versus the P277.68 million in net selling recorded on Monday. — R.M.D. Ochave

#PHL #shares #rebound #investors #buy #bargains

About Author

Leave a Reply