Philippine stock ended Wednesday as investors were off-the-counter until the trading break and the Fed’s Jackson Hole workshop.
The Philippine Berry Plant Stock Exchange Index (PSEI) approached 6,277.87 at a 0.20 point ratio, while the stock index for all shares fell 0.07% or 2.76 points to 3,735.14.
The Philippines’ financial markets will be closed on Thursday, August 21 due to the Nino Aquino Day holiday.
“After two days of decline in the local market, local markets mostly moved in positive areas when investors hunted down bargains. However, as confidence in the market remains weak, confidence in the market remains weak in the absence of a positive catalyst.
PSEI opened Wednesday at 6,288.28, higher than Tuesday’s closing ceremony, even hit an intraday high of 6,301.50, and then moved down the closing bell.
“Psei investors seeking possible bargaining ended in the market after a series of declines in recent days.
The U.S. central bank will hold its annual Jackson Hole party from August 21 to 23, with Fed Chairman Jerome H. Powell giving a speech and hopefully providing clues to their policy path forward.
The odds for the quarter-point cut next month now put about 85% of odds on about 85%, with a forecast reduction of about 54 basis points at the end of the year, Reuters reported.
President Donald J. Trump said on Tuesday that Mr. Powell “damaged” the housing industry “very serious” and repeated calls for a significant reduction in U.S. interest rates.
The next policy meeting of the Federal Reserve will be held from September 16 to 17.
The sector index ended Wednesday. Services climbed 1.65% or 37.07 points to 2,284.18; property rose 0.52% or 12.71 points to 2,419.77; industrial rates rose 0.03% or 2.75 points to 9,031.94.
Meanwhile, mining and oil fell 1.63% or 157 points to 9,445.15; holding companies retreated 1.57% or 83.95 points to 5,247.46; financial conditions fell 0.17% or 3.70 points to 2,114.54.
Mr Tantiangco said: “Converge ICT Solutions, Inc. was the highest exponential grower of the day, jumping 4.43% to P14.62. Digiplus Interactive Corp. was the major index laggard, down 5.5% to P28.35.”
Value turnover fell to 5.76 billion pesos on Wednesday, with 1.07 billion shares trading from 7.59 billion shares, and 1.02 billion shares exchanged on Tuesday.
The number of rejecters far exceeded that of progressivers, while 110 to 86, while 49 names remained unchanged.
Foreign net purchases were P161.83 million on Wednesday, which was P1.22 billion of net sales logged in on Tuesday. – RMD Ochave and Reuters
