PSEi rises on positive earnings reports

The Philippine Stock Exchange rose again on Wednesday by 67.78 points to close at 6430.08.

Claire Alviard, research associate at Philstocks Financial Inc. And chief economist at Rizal Commercial Banking Corp, Michael Rycafort, said good earnings reports from index members boosted market sentiment.

“Gains from heavyweights, notably a 3.38 percent income increase for SM Investments Corp., helped lift the EGX index,” Alvear said.

Rycafort added that the market also took into account Central Bank of the Philippines Governor Philip Medala’s indication that inflation may have peaked in July 2022 and took into account the policy rate hike from 25 to 50 basis points on August 25. 18,

Alvear noted that since the market has breached the resistance level of 6400, it will test the sustainability of this indicator in the coming days. If the market breaks 6400, the next indicator is 6600.

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In the US, Louis Lemmingan, managing director of Regina Capital Development Corp., said investors are staying away from US markets as House Speaker Nancy Pelosi’s controversial visit to Taiwan has led to already strained US-China relations. Stocks also fell further after three Federal Reserve chairs hinted that more rate hikes would be necessary to combat high inflation.

As for the domestic catalysts, investors await the release of the Philippine CPI PH on Friday and continue to guide them with additional earnings reports.

Oil prices are heading to the upside again. Lemlingan said oil futures rose ahead of this week’s OPEC + producer meeting that may not lead to an increase in crude supply amid concerns that a global recession could curb energy demand. Brent crude futures rose 51 cents to settle at $100.54 a barrel, while US West Texas Intermediate crude rose 53 cents to $94.42 a barrel.

Market volume increased, with a net turnover of 6.09 billion pesos, the highest since July 8 of 6.27 billion pesos.

The total trading volume today reached 502,366.276 shares.

Sectors varied, with holding companies achieving the largest gain of 2.06 percent while mining and oil lost 1.10 percent.

Losers overcame the rising stocks by 89 to 88, while 52 securities remained unchanged.

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