The Philippine Stock Exchange (PSEi) rose again on Tuesday by 34.73 points to close at 6,468.97.
Luis Lemlingan, managing director of Regina Capital Development Corp., said Philippine stocks continued to buy after the second-quarter GDP release, which showed the economy continuing to resist global turmoil, with GDP coming in at 7.4. percent.
“Despite the decline in the lower end of the range, most of the headwinds were from global inflation pressures and import costs.
Private consumption remained strong at 8.6 per cent and may be higher if not to compensate for higher fuel prices. Government consumption also rose for the second quarter at 11.1 percent, compared to 3.6 percent in the first quarter of 2022.
Claire Alviar, research fellow at Philstocks Financial Inc, said the decline in oil prices and lower electricity prices in August provide optimism as both will have an impact on the inflation rate.
“The PSEi index rose for the second day in a row after better results for domestic companies in general recently that support higher valuations, as well as continued decent growth in the latest export, import and manufacturing data, which generally indicate the continued recovery of the economy due to the measures taken by Michael Rycafort, chief economist at Rizal Commercial Banking Corp.
In the US, investors are also trying to seek some clarity from the Federal Reserve (Fed) as to how to accelerate rate hikes once July CPI (Consumer Price Index) data is released on Wednesday.
The Associated Press’s Yuri Kageyama said Asian stocks mostly fell on Tuesday due to the global decline in technology stocks, including Japan’s SoftBank, which incurred losses on its investment in technology stocks, such as Uber.
Analysts monitoring Asian markets said regional tensions also remain a risk due to the ongoing tension between China and Taiwan following the recent visit of House Speaker Nancy Pelosi to Taiwan. China said it is extending military exercises across Taiwan, disrupting shipping and air traffic adding another wrinkle in supply chains because Kaohsiung is a major transhipment port.
Japan’s Nikkei 225 index fell 0.88 percent in morning trading to 27,999.96. Australia’s S&P/ASX 200 rose 0.13 percent to 7,029.83. The Kospi index in South Korea rose 0.42 percent to 2503.46 points. Hong Kong’s Hang Seng fell 0.21% to 20.003.44, while the Shanghai Composite rose 0.32% to 3,247.43.
The net market value was 5.26 billion pesos, with a total volume of 965,565.222 shares.
Sectors contrasted with the real estate sector, which led the gainers, as it rose 2.40 percent, while the financial sector decreased by 1.14 percent.
The advancers outnumbered the losers 112 against 82, while 42 securities remained unchanged.