Continued bargain hunt props up PSEi

The Philippine Stock Exchange index (PSEi) managed to stay in the positive territory on Thursday despite minimal gains, following the end of the US government’s shutdown.

The PSEi edged higher by 0.23 percent or 12.97 points to finish at 5,726.99.

However, the broader All Shares Index saw a sharp drop of 2.81 percent or 98.19 points to 3,400.68.

Only financials and holding firms recorded losses at the end of the trading, while services enjoyed the biggest gains.

Philstocks financial research manager Japhet Tantiangco said trading was “quite active” with a net value turnover at P6.08 billion.

“The local market extended its gains as the end of the US government’s shutdown with the signing of the funding bill compelled investors to do more bargain hunting,” he said.

Reports stated that this year’s US government shutdown—with many public services temporarily halted—was the longest in history. This occurs when there is disagreement at the legislature over a spending bill.

See Also

October 20, 1997: 17 senators back accord with Marcoses

Due to weak economic data of the Philippines, blamed on sluggish state spending and consumption, the local bourse fell to its five-year low earlier this week.

The market on Thursday ended with 95 gainers, 82 decliners and 51 unchanged.

Globe Telecom was the index’s leader, increasing 9.79 percent to P1,648. Aboitiz Equity Ventures, Inc., meanwhile, was the index laggard, declining 6.20 percent to P24.20.