Share prices advance as index firms up – #JHedzWorlD

The benchmark Philippine Stock Exchange index (PSEi) rose 32.67 points, or 0.47 percent, to settle at 6,948.18 while the broader All Share index gained 17.94 points, or 0.45 percent, to close at 4,022.37. Philstar.com/File

MANILA, Philippines – The stock market continued to climb yesterday on renewed investor interest on the local equities market.

The benchmark Philippine Stock Exchange index (PSEi) rose 32.67 points, or 0.47 percent, to settle at 6,948.18 while the broader All Share index gained 17.94 points, or 0.45 percent, to close at 4,022.37.

Justino Calaycay of A&A Securities said yesterday’s market performance reflected confidence on the resilience of the economy.

“The character of the market at present is such that there is sufficient confidence on the resilience of the domestic economy to withstand external shocks even as attention remains heightened and reactions sensitive to headwinds,” Calaycay said. “The market appears to have shaken off the poor start for the year and sentiments do appear to still favorably biased – even as warning signs are emitted both from the fundamental and technical fronts,” Calaycay said.

Calaycay also said China has become the proxy for the global economy – and thus a major source of the markets uncertainty that have resulted in price volatilities.

“Oil prices meanwhile have elicited an inverse reaction than what we had been used to, as it too has become to be taken as representing an outlook of the state of oil consuming, industrial and manufacturing-led demand economies,” Calaycay said.

Related

Share prices advance as index firms up – #JHedzWorlD