December 7, 2022

PSEi rallies on positive results reports

The Philippine Stock Exchange (PSE) rose another 67.78 points on Wednesday to close at 6,430.08.

Claire Alviar, research associate at Philstocks Financial Inc., and Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said strong earnings reports from index members had boosted market sentiment.

“Heavyweight company gains, in particular SM Investments Corp.’s 3.38% rise in revenue, helped lift the PSEi,” Alviar said.

Ricafort added that the market also took into account Bangko Sentral ng Pilipinas Governor Felipe Medalla’s signal that inflation could have peaked in July 2022 and taken into account the 25 to 50 basis point hike in policy rates. basis on August 18, 2022.

Alviar pointed out that since the market broke above its resistance level of 6,400, it will test the durability of this benchmark in the coming days. If the market breaks 6400, the next indicator is 6600.

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In the United States, Regina Capital Development Corp. chief executive Luis Limlingan said investors were turning away from U.S. markets as House Speaker Nancy Pelosi’s controversial visit to Taiwan has worsened already strained relations between the United States and China. Stocks also fell after three Federal Reserve chairmen hinted that further rate hikes would be needed to combat high inflation.

For local catalysts, investors await the release of the PH CPI (Philippine Consumer Price Index) on Friday and continue to be guided by the release of additional earnings reports.

Oil prices are on the upward trajectory again. Limlingan said oil futures rose slightly ahead of an OPEC+ producers’ meeting this week, which may not lead to an increase in crude supply as a possible global recession could limit the price. energy demand. Brent crude futures rose 51 cents to $100.54 a barrel, while U.S. West Texas Intermediate crude rose 53 cents to $94.42 a barrel.

Market volume increased, with net worth turnover of P6.09 billion, the highest since July 8’s P6.27 billion.

Today’s total volume was 502,366,276 shares.

Sectors were mixed, with holdings posting the biggest gain of 2.06%, while mining and oil lost the most 1.10%.

Decliners beat Advances, 89 to 88, while 52 titles remained unchanged.