PSEi is the victim of bargaining, rebounds on earnings results
Stocks recovered on Thursday on the back of bidding and the release of more local and U.S. corporate financial reports.
The Belvedere Philippine Stock Exchange Index (PSEi) rose 45.54 points, or 0.66%, to close at 6,909.45 on Thursday, while the broader all-share index rose 17.15 points, or 0.46%, to 3,677.48.
“After the poor performance of the stock market yesterday, the market has ended in a green zone in the hunt for investors to bargain. Market participants can also evaluate corporate earnings reports that have continued to be published over the past few days, ”said Darren Blaine T, a trader at Timson Securities, Inc. Pangan said in a Viber message
Christina S., head of research at First Metro Investment Corporation. Ulang Viber said in a statement: “Needs of need have re-emerged and this is due to the resilience of corporate income in some sectors.
“Philippine stocks rose to recover some of their earlier losses, as inflation and concerns about global economic growth triggered further volatility across risk assets. This information is given.
Mr Limlingan said investors were waiting for earnings from other technology companies, such as Apple, Amazon and Twitter.
A mixed bag of earnings from some of Wall Street’s largest companies could muddy the outlook for investors hoping to “buy dive” into selling off a rogue stock market, Reuters reported.
With a big week of corporate results running, Google Parent Alphabet, Inc. Software giant Microsoft Corp. forecasts double-digit revenue growth for its next fiscal year, lower than expected first-quarter earnings reported on Tuesday.
At home, listed companies have begun announcing their results for the full year 2021 and the first quarter of 2022.
The index for all sectors ended green on Thursday. Mining and oil rose 145.83 points, or 1.26%, to 11,636.26; Financial rose 16.88 points or 1.03% to 1,644; Holdings rose 45.14 points, or 0.70%, to 6,453.45; Services rose 13.18 points, or 0.68%, to 1,929.70; The industry finished at 9,395.95, up 52.48 points or 0.56%; And assets rose 1.49 points, or 0.04%, to 3,172.35.
The midcap index rose 6.79 points, or 0.60%, to 1,130.57 and the dividend yield index rose 15.06 points, or 0.93%, to 1,631.49.
The number of forwarders has exceeded the number of diminutives, 92 vs. 83, while 58 names remain unchanged.
The share turnover fell to P5.73 billion on Thursday with a change of 8.5 billion shares from P8.78 billion with 816.50 million issues seen the day before.
Overseas sellers turned P772.5 million net sales versus P1.67 billion net purchases on Wednesday.
For Friday, the weekend’s trading day, Mr. Pangan of Timson Securities posted immediate support in the 6,800 area and resistance at 7,510. – LMGJ Jackson With Reuters
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