PHILIPPINE SHARES rebounded on Thursday amid expectations of better inflation data for December.

The Philippine Stock Exchange index (PSEi) gained 103.64 points or 1.59% to end at 6,602.52 on Thursday, while the broader all shares index rose 35.52 points or 1.02% to close at 3,485.76.

“This Thursday, the local market rose by 103.64 points to 6,602.52 on the back of hopes that headline inflation in the Philippines had further declined last December. Supporting the said hopes is the midpoint of the Bangko Sentral ng Pilipinas’ (BSP) 3.6-4.4% range forecast which is below the preceding month’s 4.1%,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The Philippine Statistics Authority will release December consumer price index data on Friday.

A BusinessWorld poll last week yielded a median estimate of 4% for December headline inflation, within the BSP’s 3.6-4.4% forecast for the month. This is slightly slower than the 4.1% in November but significantly below the 8.1% in December 2022.

If realized, December could mark the first time that inflation met the central bank’s 2-4% target after 20 straight months. It would also be the slowest since the 3% print in February 2022.

This would bring the 2023 inflation average to 6%, matching the BSP’s baseline forecast.

“The index surged above the 6,600 level and reached its highest close in more than five months as investors positioned ahead of the release of the Philippine December inflation print on Friday,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet likewise said in a Viber message.

“The PSEi bucked the fall of most Asian markets as traders bought up local stocks on expectations that domestic headline inflation last month cooled to 4%, which is within the BSP’s target inflation range,” Mr. Colet added.

Asian shares fell on Thursday as traders dialed back bets of steep and early rate cuts this year, with the minutes of the US Federal Reserve’s last meeting providing few clues on when US cuts might start, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.17% and was headed for the third straight day of losses.

Back home, almost all sectoral indices ended higher on Thursday. Property increased by 78.36 points or 2.77% to 2,907.31; financials climbed by 30.76 points or 1.78% to 1,754.47; services rose by 25.86 points or 1.59% to 1,651.63; holding firms went up by 71.46 points or 1.13% to 6,360.48; and industrials added 33.14 points or 0.36% to end at 9,137.63. 

Meanwhile, mining and oil dropped by 77.40 points or 0.78% to 9,777.89. 

Value turnover climbed to P5.18 billion on Thursday with 461.64 million issues changing hands from the P3.11 billion with 182.7 million shares seen on Wednesday.

Advancers outnumbered decliners, 110 to 85, while 46 issues ended unchanged. 

Net foreign buying stood at P768.3 million on Thursday versus the P260.5 million in net selling seen the prior day. — R.M.D. Ochave with Reuters

STOCKS dropped on Wednesday amid data showing slower Philippine manufacturing activity growth, profit taking after Tuesday’s rally and amid a trading halt that was lifted before noon.

The Philippine Stock Exchange index (PSEi) declined by 55.16 points or 0.84% to end at 6,498.88 on Wednesday, while the broader all shares index fell by 15.73 points or 0.45% to close at 3,450.24.

Market sentiment soured following the slowdown in the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) in December, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message. 

The S&P Global Philippines Manufacturing PMI stood at 51.5 in December, lower than the nine-month high of 52.7 in November. A PMI reading above 50 denotes better operating conditions than in the preceding month, while a reading below 50 shows a deterioration.

The December figure was the weakest in three months or since the 50.6 reading in September.

“Trading in the market was halted by the exchange in the morning, then it resumed before the market recess and continued in the afternoon,” Ms. Alviar added. 

The PSE halted trading on Wednesday morning. Trading resumed at 11:56 am.

“The Philippine Stock Exchange, Inc. encountered a technical issue that prompted it to halt trading at 9:32 a.m. on Jan. 3, 2024, Wednesday… PSE and its third-party front-end system provider continue to investigate the matter to identify the root cause,” the bourse operator said in a statement.

While the trading break did not necessarily cause Philippine shares to drop, activity was still disrupted, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said.

“A market glitch for more than two hours is a terrible way to greet the new year. If we aim to boost trading volumes in the local stock market, then we need to ensure the reliability of the PSE’s infrastructure,” Mr. Colet said.

Profit taking after Tuesday’s climb caused the PSEi to drop on Wednesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

All sectoral indices finished lower on Wednesday. Financials declined by 22.90 points or 1.31% to 1,723.71; services went down by 16.67 points or 1.01% to 1,625.77; industrials retreated by 57.13 points or 0.62% to 9,104.49; holding firms dropped by 34.35 points or 0.54% to 6,289.02; mining and oil decreased by 30.64 points or 0.31% to 9,855.29; and property inched down by 6.66 points or 0.23% to 2,828.95. 

Value turnover went down to P3.11 billion on Wednesday with 182.7 million shares changing hands, from P3.66 billion with 379.8 million issues the previous day.

Advancers edged out decliners, 74 against 71, while 49 names ended unchanged.

Net foreign selling stood at P260.5 million on Wednesday versus the P443.11 million in net buying seen the previous session.

Mr. Ricafort put the PSEi’s immediate support at 6,320-6,410. — RMDO

PHILIPPINE SHARES closed higher on the first trading day of 2024 as investor sentiment was lifted by expectations of slower inflation in December.

The benchmark Philippine Stock Exchange index (PSEi) jumped by 104 points or 1.61% to end at 6,554.04 on Tuesday, while the broader all shares index rose by 41.38 points or 1.2% to close at 3,465.97. 

“We welcome 2024 with hopes of a better performance for the stock market. We are also optimistic that our regulator will continue to support the initiatives we will introduce to boost participation and liquidity in the market,” PSE President and CEO Ramon S. Monzon said in a statement.

Shares rose on Tuesday as inflation likely slowed further last month, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The possibility that inflation rate would settle within the 2-4% target of the government in December lifted market sentiment. Investors were also waiting for some economic data set to be released this week,” Ms. Alviar added. 

Headline inflation likely eased to 4% in December, according to the median estimate of a BusinessWorld poll conducted last week. This is within the 3.6-4.4% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, December would mark the first time that inflation met the BSP’s 2-4% target and the slowest since the 3% print in February 2022.

At 4%, December inflation would be a tad slower than 4.1% in November and significantly lower than 8.1% in December 2022.

This would bring the 2023 inflation average to 6%, matching the BSP’s baseline forecast.

The Philippine Statistics Authority will release December inflation data on Friday.

“The market’s rally is due to the seasonally strong period of New Year’s optimism and growing interest rate cut bets in 2024,” First Metro Investment Corp. Head of Research Cristina S. Ulang added in a Viber message.

The majority of sectoral indices climbed on Tuesday. Holding firms rose by 217.37 points or 3.56% to 6,323.37; services increased by 37.45 points or 2.33% to 1,642.44; industrials went up by 85.71 points or 0.94% to 9,161.62; and financials added 7.73 points or 0.44% to end at 1,746.61.

On the other hand, mining and oil fell by 114.50 points or 1.14% to 9,885.93, and property dropped by 19.33 points or 0.67% to 2,835.61. 

“The mining sector was at the bottom, down by 1.14%, weighed by the performance of Nickel Asia Corp., which declined by 3.83%,” Ms. Alviar said. 

Value turnover dropped to P3.66 billion on Tuesday with 379.80 million issues switching hands from the P4.88 billion with 1.12 billion shares seen on Friday.

Advancers outnumbered decliners, 100 to 77, while 47 names closed unchanged. 

Net foreign buying rose to P443.11 million on Tuesday from P208.97 million on Friday. — R.M.D. Ochave

PHILIPPINE SHARES may rise this year as a robust economic outlook and expectations of monetary policy easing could lift market sentiment, analysts said.

The Philippine Stock Exchange index (PSEi) ended at 6,450.04 on Dec. 29, the last trading day of 2023. This was down by 116.35 points or 1.8% from its 6,566.39 finish at end-2022.

The market took a “rollercoaster ride” in 2023, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“We peaked in January, trended down in February, went into a sideways pattern from mid-March to August, cratered and ultimately hit the year’s intraday bottom on the last day of October, after which the index staged a strong rally,” Mr. Colet said.

Still, even after a weaker year for the Philippine stock market, the PSEi may rebound this year and could even climb to as high as 7,500, Mr. Colet said.

“We expect Philippine equities to do well in 2024, primarily on the back of better macroeconomic data and a dovish shift in monetary policy. Other factors that could attract funds to the stock market are capital markets reforms as well as significant progress in steps to liberalize the economic provisions of the Constitution,” he said.

The Bangko Sentral ng Pilipinas (BSP) is widely expected to begin cutting benchmark interest rates this year to keep a healthy differential with the US Federal Reserve.

However, BSP Governor Eli M. Remolona, Jr. last month said the central bank is unlikely to cut borrowing costs in the next few months and is leaning towards keeping rates higher for longer.

The central bank raised benchmark interest rates by a total of 450 basis points from May 2022 to October 2023, bringing the policy rate to a 16-year high of 6.5%.

The index could retest the 6,700 to 7,000 levels this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

“The PSEi could rebound in 2024 and could be positively affected by and play catch up with the bullishness in the United States and other major global stock markets,” Mr. Ricafort said. 

“For early 2024, there is a good chance for start of the year gains amid the possible tail end of the Santa Claus rally on Wall Street,” he said. 

However, investors could remain cautious during the first trading week of the year amid a lack of catalysts, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

December inflation data to be released on Friday could drive trading in the coming days, he said.

“An inflation print lower than the preceding month’s 4.1%, especially one which is near the lower end of the BSP’s 3.6-4.4% forecast range, may spur positive sentiment in the market. However, one which is faster than the preceding month may weigh on the local bourse,” Mr. Tantiangco added.

He put the PSEi’s support at 6,400 and resistance at 6,700 for this week. — R.M.D. Ochave

THE MAIN INDEX climbed to the 6,500 level on Thursday despite low trading volume as market sentiment improved amid expectations of lower benchmark interest rates next year.

The Philippine Stock Exchange index (PSEi) climbed by 56.31 points or 0.87% to end at 6,519.11 on Thursday, while the broader all shares index went up by 24.70 points or 0.72% to close at 3,440.59.

“The index returned above the 6,500 level in thin trading as investor sentiment remained positive about the local market’s prospects for 2024,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“We saw the same optimism across most Asian markets on the back of growing bets on the dovish direction of interest rates next year,” Mr. Colet added.

The PSEi rallied as investors see a “better year” in 2024, Mercantile Securities Corp. Head Trader Jeff Radley C. See likewise said in a Viber message.

“Interest rates are about to go down due to better economic data coming from the US,” he said.

Value turnover went down to P2.8 billion on Thursday with 385.53 million issues changing hands from the P3.95 billion with 1.44 billion shares on Wednesday.

Asian shares scaled five-month peaks on Thursday as market wagers on ever-more aggressive rate cuts extended a huge rally in US stocks and bonds, while also leaving plenty of scope for disappointment in the new year, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan added another 1.4% to be up 11% in two months and at its highest since August. Futures now imply an 88% chance of a rate cut as early as March, a huge swing from a month ago when the probability was just 21%.

The market has about 157 basis points of easing priced in for 2024, and sees rates reaching 3-3.25% over 2025.

“SPNEC (SP New Energy Corp.) is the only stock that is still making noise aside from index names. Recent corporate news of MVP Group taking control of SPNEC made it shoot up, ending today’s session at P1.35,” Mr. See added.

Manuel V. Pangilinan, chairman and chief executive officer of Manila Electric Co., has taken over SPNEC after the completion of a P15.9-billion investment.

“Philippine equities recorded modest gains as investors braced themselves to end the year 2023. Traders will monitor economic data on jobless claims and pending home sales,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

All sectoral indices rose on Thursday. Industrials went up by 100.20 points or 1.12% to 9,008.21; services increased by 15.38 points or 0.97% to 1,593.34; holding firms jumped by 59.75 points or 0.95% to 6,321.60; mining and oil climbed by 74.63 points or 0.76% to 9,801.69; financials inched up by 9.75 points or 0.56% to 1,736.83; and property added 10.70 points or 0.37% to end at 2,879.58.

Advancers outnumbered decliners, 124 to 61, while 36 names closed unchanged.

Net foreign buying went down to P12.79 million on Thursday from P114.06 million on Wednesday. — S.J. Talavera with Reuters

PHILIPPINE shares went  down on Wednesday as investors took profits and stayed on the sidelines while looking for fresh leads after the Christmas break.

The benchmark Philippine Stock Exchange index (PSEi) declined by 38.20 points or 0.58% to end at 6,462.80 on Wednesday, while the broader all shares index decreased by 11.41 points or 0.33% to close at 3,415.89.

“The local bourse dropped… as investors took some gains while awaiting fresh catalysts towards the yearend. Many were observed on the sidelines, with a net market value turnover of P3.42 billion, lower than this month’s average of P4.18 billion thus far,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The PSEi headed lower today due to the pickup in profit-taking activities amidst the lack of catalysts,” China Bank Securities Corp. Research Associate Lance U. Soledad likewise said in an e-mail on Wednesday.

Value turnover went up to P3.95 billion on Wednesday with 1.44 billion issues changing hands from the P3.21 billion with 536.25 million shares seen on Friday.

Seedbox Securities, Inc. equity trader Jayniel Carl S. Manuel said that the index declined due to the “lingering effects of the Christmas hangover,” causing thin trading volume as investors continued to “ease back into the market after the holiday festivities.”

The market was closed on Dec. 25-26 due to non-working days for Christmas.

“Moreover, some market participants appear to be cashing out gains from the earlier Christmas rally. As the market enters the final two days of trading for the year, expectations are optimistic for a potential upswing. The anticipation is fueled by a combination of year-end window dressing and opportunistic bargain hunting, suggesting a potential reversal in the trend as the year concludes,” Mr. Manuel said in an e-mail.

Most sectoral indices went down on Wednesday. Holding firms declined by 105.74 points or 1.66% to 6,261.85; services dropped by 7.52 points or 0.47% to 1,577.96; financials decreased by 6.13 points or 0.35% to 1,727.08; and industrials fell by 8.56 points or 0.09% to 8,908.01.

Meanwhile, mining and oil climbed by 184.32 points or 1.93% to 9,727.06 and property increased by 18.73 points or 0.65% to end at 2,868.88.

Decliners narrowly outnumbered advancers, 88 versus 82, while 52 names closed unchanged.

“Among the index members, Semirara Mining and Power Corp. was at the top, gaining by 4.06%, while Wilcon Depot, Inc. declined the most by 4.19%,” Philstocks Financial’s Ms. Alviar said.

Net foreign buying stood at P114.06 million on Wednesday versus the P87.05 million in net selling seen on Friday.

“In case the market continues to move lower, the 6,380-6,420 is seen as the immediate support level,” China Bank Securities’ Mr. Soledad said. — S.J. Talavera

PHILIPPINE SHARES may rise this week as investors rebalance their portfolios before the year’s close and look towards 2024, focusing on the outlook for interest rates and the economy.

The Philippine Stock Exchange index (PSEi) climbed by 31.77 points or 0.49% to close at 6,501 on Friday, while the broader all shares index rose by 23.04 points or 0.67% to end at 3,427.30.

Week on week, the PSEi climbed by 22.56 points or 0.35% from its 6,478.44 close on Dec. 15.

Philippine financial markets were closed on Sept. 25-26 due to non-working days for Christmas.

“The final three trading days of the year will see a mix of window dressing and bargain hunting, with the index poised to end 2023 on a positive note,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“The local rally in stocks is still driven mainly by growing expectations of interest rate cuts next year even after the Bangko Sentral ng Pilipinas (BSP) has signaled that policy may need to remain tight for some time,” Mr. Colet added.

The local bourse may move sideways this week as investors cautiously assess the economic and monetary policy outlook for next year, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The upside risks to inflation due to supply side issues and the tighter for longer monetary policy of the Bangko Sentral ng Pilipinas, all of which may slow down our economic growth, may weigh on sentiment,” Mr. Tantiangco said.

“In the last week of the year, investors are also expected to still watch out for further catalysts that could give us a clearer picture of how our economy would be in 2024,” he added.

The BSP is unlikely to start policy easing in the next few months and will only consider cutting rates if inflation settles at the midpoint of the 2-4% target, its chief said last week.

“We’re unlikely to cut rates in the next few months. We’re in a higher for longer (scenario). When I say hawkish, that basically means high for a while,” BSP Governor Eli M. Remolona, Jr. said.

The Monetary Board this month kept its benchmark rate at a 16-year high of 6.5% for a second straight meeting. Interest rates on the overnight deposit and lending facilities were also left unchanged at 6% and 7%, respectively.

From May 2022 to October this year, the BSP raised borrowing costs by a cumulative 450 basis points to tame inflation.

Meanwhile, the Development Budget Coordination Committee set next year’s gross domestic product growth goal at 6.5-7.5%.

There may be “more buoyant movement” in the market in the coming sessions as December and January have historically been “the most successful trading months for the benchmark index,” online brokerage 2TradeAsia.com said in a report.

For this week, 2TradeAsia.com put the PSEi’s support at 6,350 and resistance at 6,600, while Mr. Tantiangco sees the benchmark index trading between 6,400 and 6,700. — S.J. Talavera

The benchmark Philippine Stock Exchange index (PSEi) declined by 51.52 points or 0.79% to end at 6,469.23 on Thursday, while the broader all shares index shed 30.15 points or 0.88% to close at 3,404.26.

Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said that stock market investors took cues from Wall Street’s overnight performance wherein profit taking took place.

Mr. Plopenio added that the hawkish statements from Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. also weighed on the sentiment.

Mr. Remolona earlier told reporters that the BSP was unlikely to cut rates in the next few months and would consider a reduction only if inflation settles at the midpoint of the 2-4% target.

The BSP last week kept its policy rate steady at a 16-year high of 6.5% for a second straight meeting. The central bank raised borrowing costs by a cumulative 450 basis points from May 2022 to October 2023 to tame inflation.

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said the index declined as “continued profit taking underpinned selling pressure.”

“This was likely exacerbated by the overnight sell-off in offshore markets given extremely overbought levels. Fortunately, a surge of market-on-close buying led to pared losses for the day. This may indicate underlying investor interest to participate in the market given the pullback,” Mr. Mercado said.

Almost all sectoral indices dropped on Thursday, except for financials, which climbed by 12.05 points or 0.69% to 1,738.26.

Meanwhile, property went down by 47.44 points or 1.64% to 2,834.78; services lost 21.37 points or 1.33% to 1,578.72; industrials decreased by 75.97 points or 0.85% to 8,769.10; holding firms sank by 52.73 points or 0.82% to 6,341.40; and mining and oil declined by 50.78 points or 0.53% to 9,518.11.

Value turnover went up to P8.61 billion on Thursday with 2 billion issues changing hands from the P6.32 billion with 1.15 million shares on Wednesday.

Decliners outnumbered advancers, 121 against 71, while 46 names ended unchanged.

Net foreign selling stood at P1.81 billion on Thursday from the net foreign buying at P166.8 million on Wednesday. — Sheldeen Joy Talavera

PHILIPPINE shares went down slightly on Wednesday as investors looked for new catalysts that would nudge the main index above the 6,500 level.

The benchmark Philippine Stock Exchange index (PSEi) shed 0.52 points or a minute percentage to end at 6,520.75 on Wednesday, while the broader all shares index climbed by 1.70 points or 0.05% to close at 3,343.41.

“The local bourse saw a marginal decline… as more investors booked gains following the market’s rise in the past few days. Investors were also finding new catalysts to drive the market upwards,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Regina Capital Development Corp. Head of Sales Luis A. Limli-ngan said in a Viber message that the market declined as investors waited for more cues on interest rates from the US Federal Reserve.

“Philippine shares took a breather from the recent rally as investors look forward to more cues on the rate cuts from the Fed in the new year,” Mr. Limlingan said.

On its Dec. 13 meeting, the US central bank kept interest rates unchanged within the 5.25%-5.5% range, Reuters reported.

“On the data front, consumer confidence for December and existing home sales for November are due out on Dec. 20,” he added.

Sectoral indices were split on Wednesday. Financials dropped by 12.02 points or 0.69% to close at 1,726.21; industrials decreased by 38.32 points or 0.43% to 8,845.07; property declined by 4.10 points or 0.14% to 2,882.22.

Meanwhile, mining and oil climbed by 74.61 points or 0.78% to 9,568.89; holdings firms increased by 41.21 points or 0.64% to 6,394.13; and services rose by 4.89 points or 0.30%.

Value turnover went up to P6.32 billion on Wednesday with 1.15 billion issues changing hands from the P4.37 billion with 748.67 million shares on Tuesday.

advancers outnumbered decliners, 96 against 89, while 42 names ended unchanged.

Net foreign buying declined to P166.8 million on Wednesday from P394.99 million on Tuesday. — Sheldeen Joy Talavera

PHILIPPINE shares rose on Tuesday amid an improved economic outlook and as investors anticipate a year-end window dressing.

The benchmark Philippine Stock Exchange index (PSEi) went up by 45.77 points or 0.7% to end at 6,521.27 on Tuesday, while the broader all shares index climbed by 16.57 points or 0.48% to close at 3,432.71.

“Investors digested positive economic narratives today including the International Monetary Fund’s sound assessment of the Philippines fiscal consolidation, and the Philippine Economic Zone Authority’s positive outlook on its investment approvals for full year 2023,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The International Monetary Fund said in a Dec. 15 statement that the Bangko Sentral ng Pilipinas (BSP) should keep interest rates higher for longer until inflation fully returns to target.

The Monetary Board last week kept rates steady at a 16-year high of 6.5% for a second straight meeting, after a 25-basis-point (bp) off-cycle hike on Oct. 26.   

The BSP raised borrowing costs by a total of 450 bps from May 2022 to October 2023.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said the market continued its rally as investors are bullish for next year.

“Looks like we are experiencing a Christmas rally,” Mr. See said in a Viber message, adding that investors are bullish on hopes of a rate cut next year.

Jayniel Carl S. Manuel, an equities trader at Seedbox Securities, Inc., said in an e-mail that the index’s recent uptick was due to “the phenomenon of year-end window dressing.”

“Additionally, we have observed an influx of investor cash into the market, further contributing to the upward momentum. As the fiscal year concludes, investors are strategically allocating extra funds, taking advantage of market opportunities and positioning themselves for potential year-end gains,” Mr. Manuel said.

Most of the sectoral indices rose on Tuesday. Financials went up by 33.04 or 1.93% to 1,738.24; property gained 25.53 points or 0.89% to 2,886.32; services increased by 12.67 points or 0.8% to 1,595.20; industrials jumped by 5.11 points or 0.05% to 8,883.39.

Meanwhile, mining and oil declined by 40.71 points or 0.42% to 9,494.28; and holding firms decreased by 6.97 points or 0.11% to 6,352.92.

Value turnover went down to P4.37 billion on Monday with 748.67 million issues changing hands from the P5.4 billion with 602.65 million shares on Monday.

Decliners outnumbered advancers, 96 against 88, while 47 names ended unchanged.

Net foreign buying declined to P394.99 million on Tuesday from P625.25 million on Monday. — Sheldeen Joy Talavera

THE MAIN INDEX declined on Monday as investors pocketed their gains after the bellwether’s ascent to the 6,400 level late last week.

The benchmark Philippine Stock Exchange index (PSEi) went down by 2.94 points or 0.04% to end at 6,475.50 on Monday, while the broader all shares index climbed by 6.59 points or 0.19% to close at 3,416.14.

“The index closed slightly lower as selling pressure emerged in the 6,500 area. In terms of technicals, the market is nearly overbought after last week’s rally, so some traders have started to take profits,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“News flows were also not that favorable as US Federal Reserve officials tempered expectations of interest rate cuts next year,” Mr. Colet added.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said “initially positive momentum waned as the trading session drew to a close.”

“Local stock prices concluded marginally lower as the index confronted a technical resistance at around the 6,500 level. The market commenced with strength, buoyed by increasing optimism that global interest rates had topped out,” Mr. Vistan said in a Viber message.

Just days after a Federal Reserve meeting that penciled in an ample course of interest rate cuts next year, which in turn unleashed a broad rally in financial markets, one of the US central bank’s top policy makers pushed back on the ebullience on Friday, Reuters reported.

“We aren’t really talking about rate cuts right now,” New York Fed President John Williams said in an interview with CNBC. When it comes to the question of lowering rates, “I just think it’s just premature to be even thinking about that” as the central bank continues to mull whether monetary policy is in the right place to help guide inflation back to its 2% target, he said.

The PSEi finished the session almost flat as stocks consolidated, “with investors making moves ahead before the end of the year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Sectoral indices were split on Monday. Industrials fell by 85.14 points or 0.95% to 8,878.28; financials dropped by 15.38 points or 0.89% to 1,705.19; and holding firms went down by 35.27 points or 0.55% to 6,359.89.

Meanwhile, property rose by 49.41 points or 1.75% to 2,860.79; services increased by 18.67 points or 1.19% to 1,582.53; and mining and oil went up by 13.13 points or 0.13% to 9,534.99.

Value turnover went down to P5.4 billion on Monday with 602.65 million issues changing hands from the P10.2 billion with 897.2 million shares on Friday.

Advancers outnumbered decliners, 100 against 77, while 46 names ended unchanged.

Net foreign buying rose to P625.25 million on Monday from P448.43 million on Friday.

AB Capital’s Mr. Vistan put the PSEi’s support at 6,300 and resistance at 6,530 for the rest of the week. — S.J. Talavera with Reuters

PHILIPPINE shares are expected to move sideways for the trading week as analysts are projecting investors to book profits after the market’s strong finish last week. 

On Dec. 15, the Philippine Stock Exchange Index (PSEi) improved by 67.96 points or 1.06% to 6,478.44 while the broader all shares index jumped by 14.59 points or 0.43% to 3,409.55.

Compared with the earlier week, the main index climbed by 243.67 points from its 6,234.77 close on Dec. 7. 

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message that the local bourse was carried by strong trading activity.

“The local market had a good run last week, particularly the last two trading days, which were backed by strong trading activity. The US Federal Reserve’s signal of three possible 25-basis-point rate cuts next year proved to be a strong catalyst that can spur market optimism,” Mr. Tantiangco said. 

However, Mr. Tantiangco said the local bourse could move sideways during the upcoming trading week, warning of possible profit taking. 

“Next week, the policy easing prospects of the Fed may still provide support to the local bourse. However, we advise caution as the market’s steep rally last week opens the possibility of profit-taking,” Mr. Tantiangco said.

Mr. Tantiangco also said that the latest policy move of the Bangko Sentral ng Pilipinas (BSP) could influence the market’s movement next week.

On Dec. 14, the BSP opted to keep its key rate unchanged at 6.5% for a second straight meeting but signaled a “tighter-for-longer” policy until inflation expectations have become more firmly anchored.     

“Investors may also digest the results of the BSP’s latest consumer and business confidence surveys which have reflected less upbeat results with respect to sentiment on the economy’s future,” Mr. Tantiangco said, adding that the central bank’s “still tight policy outlook may weigh on sentiment.”

Online brokerage 2TradeAsia.com said in a market report that the local market was buoyed by the “dovish comments” of central banks for 2024. 

“Bulls went on a buying spree, boosted by central banks’ dovish comments for 2024. The PSEi breached the 6,400 key resistance level. The BSP maintained rates as expected, and similarly positive outlook for next year should only support our overweight case for local equities,” 2TradeAsia said. 

Last week, the US Fed kept its benchmark overnight borrowing rate at the 5.25% to 5.5% range amid easing inflation. It also hinted that there would be at least three rate cuts next year.

In its report, 2TradeAsia projected the immediate market support to range from 6,200 to 6,300, and the market resistance at the 6,600 level. 

“Markets hyper-fixated on interest rate cycle shifts tend to gyrate heavily in tandem with macro headlines. Take advantage of rallies to make quick profit off short-term trades, but do not lose sight of 2024, which is shaping up to be a year with more meaningful and impactful recovery,” it added. — Revin Mikhael D. Ochave

The Philippine Stock Exchange index rose by 154.74 points or 2.47% to end at 6,410.48 on Thursday, while the broader all shares index climbed by 55.82 points or 1.67% to close at 3,394.96. 

“This Thursday, the local market rose by 154.74 points to 6,410.48 as investors cheered the Federal Reserve’s dovish outlook after it held policy rates unchanged in its recent meeting. The Federal Reserve stated that they anticipate three possible rate cuts for 2024, to be done in 25-basis-point (bp) increments,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“This gave hope that the Fed may ease their policy soon after more than a year-long combat against inflation. As a result, the bourse was in the green territory for the whole session and even breached the 6,400 resistance level,” he added. 

The Federal Reserve left interest rates unchanged on Wednesday and US central bank chief Jerome H. Powell said the historic tightening of monetary policy is likely over as inflation falls faster than expected and with a discussion of cuts in borrowing costs coming “into view,” Reuters reported.

“People are not writing down rate hikes” in their latest economic projections, Mr. Powell said in a press conference following the end of the central bank’s final policy meeting of the year.

“That’s us thinking we’ve done enough,” he said, adding that rate increases were “not the base case anymore.”

“Locally, investors bought into the assumption that the Bangko Sentral ng Pilipinas (BSP) would follow in a similar fashion, maintaining its own policy rate, but reducing this next year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The BSP on Thursday kept its policy rate steady at a 16-year high of 6.5% for a second straight meeting, as expected by 15 of 17 analysts in a BusinessWorld poll conducted last week, but said there is a need to remain hawkish amid lingering upside risks to inflation.

Most sectoral indices ended higher on Thursday. Holding firms increased by 228.11 points or 3.82% to 6,185.79; property rose by 96.92 points or 3.51% to 2,851.14; financials went up by 27.77 points or 1.64% to 1,719.58; industrials gained 144.33 points or 1.64% to end at 8,926.87; and mining and oil climbed by 61.44 points or 0.64% to 9,573.89. 

Meanwhile, services slipped by 6.28 points or 0.4% to 1,546.28.

Value turnover went up to P6.78 billion on Thursday with 385.71 million issues changing hands from the P3.55 billion with 245.11 million shares seen the previous day.

Advancers overwhelmed decliners, 120 against 59, while 44 names ended unchanged.

Net foreign selling climbed to P367.52 million on Thursday from P280.55 million on Wednesday. — with Reuters

The Philippine Stock Exchange index (PSEi) dropped by 36.65 points or 0.58% to end at 6,255.74 on Wednesday, while the broader all shares index fell by 14.32 points or 0.42% to close at 3,339.14.

“The local bourse dropped by 36.65 points to 6,255.74 as investors awaited the decisions of the Federal Reserve and the Bangko Sentral ng Pilipinas regarding interest rates in the US and the Philippines, respec-tively,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Aside from the interest rate decisions, investors also want to know their outlook on the inflation rate and the timing of monetary policy easing,” Ms. Alviar added.

The Fed was set to announce its policy decision overnight after a two-day review. It was expected to keep its target rate unchanged at 5.25-5.5% for a third straight meeting.

Meanwhile, the BSP will hold its final policy meeting for this year on Thursday.

A BusinessWorld poll conducted last week showed 15 out of 17 analysts expect the Monetary Board to hold the target reverse repurchase rate steady at 6.5% for a second straight meeting.

“Philippine shares traded with a negative bias as traders braced for the final Fed meeting of the year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

“Many started to position themselves ahead of the BSP’s policy-setting meeting on Dec. 14 and ahead of the release of November inflation data in the US,” he added.

The November US producer price index report was set to be released overnight.

A report released by the US Labor department on Tuesday showed that the US consumer price index (CPI) edged up 0.1% last month after being unchanged in October, Reuters reported.

In the 12 months through November, the CPI increased 3.1% after rising 3.2% in October.

Back home, almost all sectoral indices ended lower on Wednesday. Property went down by 32.75 points or 1.17% to 2,754.22; holding firms retreated by 49.87 points or 0.83% to 5,957.68; mining and oil declined by 52.82 points or 0.55% to 9,512.45; financials dropped by 6.42 points or 0.37% to 1,691.81; and industrials decreased by 12.87 points or 0.14% to 8,782.54.

Meanwhile, services rose by 2.65 points or 0.17% to 1,552.56.

Value turnover went up to P3.55 billion on Wednesday with 245.11 million shares changing hands from the P3.25 billion with 314.76 million issues seen the previous trading day.

Decliners outnumbered advancers, 95 to 64, while 47 names closed unchanged.

Net foreign selling stood at P280.55 million on Wednesday versus the P158.02 million in net buying seen on Tuesday. — R.M.D. Ochave with Reuters

The bellwether Philippine Stock Exchange index (PSEi) climbed by 64.10 points or 1.02% to end at 6,292.39 on Tuesday, while the broader all shares index jumped by 25.81 points or 0.77% to close at 3,353.46. 

“The index surged on market-on-close buying as traders continued to position ahead of the release of US November inflation data as well as the much-awaited policy meetings of the Federal Reserve and Bangko Sentral ng Pilipinas,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“This Tuesday, the local market rose… as investors took positive cues from Wall Street overnight amid expectations that US inflation further slowed down in November. Additionally, the anticipation that both the Federal Reserve and the BSP will be holding key policy rates amid cooling inflation in the US and at home contributed to the climb,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The November US CPI report was set to be released overnight.

Meanwhile, the Fed will hold its final review for the year on Dec. 12-13, while the BSP’s Monetary Board will meet to discuss policy on Dec. 14.

The US central bank is widely expected to keep its target rate at the 5.25%-5.5% range for a third straight meeting this week.

It has hiked rates by a cumulative 525 basis points (bps) since it began its tightening cycle in March 2022.

On the other hand, a BusinessWorld poll last week showed 15 out of 17 analysts expect the Monetary Board to keep its target reverse repurchase rate steady at a 16-year high of 6.5% on Thursday, with the BSP remaining vigilant amid lingering risks to prices despite easing inflation recently.

The BSP has raised benchmark interest rates by a cumulative 450 bps since May 2022.

All sectoral indices closed higher on Tuesday. Financials went up by 25.76 points or 1.54% to 1,698.23; property rose by 24.53 points or 0.88% to 2,786.97; holding firms climbed by 50.94 points or 0.85% to 6,007.55; services increased by 12.21 points or 0.79% to 1,549.91; industrials added 56.92 points or 0.65% to end at 8,795.41; and mining and oil gained 21.33 points or 0.22% to close at 9,565.27. 

Value turnover dropped to P3.25 billion on Tuesday with 314.76 million shares changing hands from the P4.06 billion with 392.39 million issues seen on Monday. 

Advancers beat decliners, 97 to 61, while 55 names closed unchanged. 

Net foreign buying stood at P158.02 million on Tuesday versus the P32.81 million in net selling posted on Monday. — R.M.D. Ochave

The benchmark Philippine Stock Exchange index (PSEi) dropped by 6.48 points or 0.1% to end at 6,228.29 on Monday, while the broader all shares index declined by 1.93 points or 0.05% to finish at 3,327.65. 

“The market is down on strong US employment numbers, pointing to an extended Fed hawkish pause, reinforcing the Bangko Sentral ng Pilipinas’ (BSP) steady hold on the key rate and vigilant stance on the local currency,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

A US Labor department report showed nonfarm payrolls increased by 199,000 jobs in November, compared with an estimated increase of 180,000, Reuters reported.

The unemployment rate slipped to 3.7%, while average earnings edged up to 0.4% on a monthly basis, compared with forecasts of 0.3% growth.

Interest rate futures show traders widely expect the Federal Reserve to hold interest rates steady at its meeting on Dec. 12-13, according to the CME FedWatch tool.

“The local bourse dropped… as investors digested the statement of the BSP Governor Eli M. Remolona, Jr. that it is premature to discuss policy easing in 2024, prompting negative sentiment due to potential adverse impacts on the economy with prolonged elevated interest rates,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Mr. Remolona last week said it is premature to discuss policy easing in 2024, with the Monetary Board still prepared to hike borrowing costs if needed to make sure inflation returns to the 2-4% target range.

The Monetary Board will hold its last policy meeting for this year on Thursday, a day after the Fed’s review.

A BusinessWorld poll last week showed 15 out of 17 analysts expect the Monetary Board to keep its target reverse repurchase rate steady this week, with the central bank remaining vigilant amid lingering upside risks to prices despite easing inflation recently.

Most sectoral indices declined on Monday. Financials went down by 33.26 points or 1.95% to 1,672.47; mining and oil dropped by 96.56 points or 1% to 9,543.94; industrials retreated by 24.21 points or 0.27% to 8,738.49; and services decreased by 3.66 points or 0.23% to 1,537.70. 

Meanwhile, holding firms rose by 44.57 points or 0.75% to 5,956.61 and property climbed by 18.06 points or 0.65% to 2,762.44.

Value turnover went up to P4.06 billion on Monday with 392.39 million issues changing hands from the P3.67 billion with 270.24 million issues traded on Thursday.

Decliners outnumbered advancers, 118 to 64, while 48 names ended unchanged. 

Net foreign selling dropped to P32.81 million on Monday from P410.52 million on Thursday.

The market was closed on Friday for a non-working holiday. — RMDO with Reuters

On Thursday, the Philippine Stock Exchange index (PSEi) declined by 71.08 points or 1.12% to end at 6,234.77, while the broader all shares index retreated by 22.08 points or 0.65% to close at 3,329.58. 

Week on week, the PSEi fell by 10.41 points from its 6,245.18 close on Dec. 1. The stock market was closed on Friday for a nonworking day.

“The local bourse was range-bound for the week amid steady local inflation in November,” online brokerage 2TradeAsia.com said in a market report.

The market has been on a losing streak for two straight weeks amid profit-taking, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The local market remains at bargain levels with a price-earnings ratio of 13.46 times, below the 2018-2022 average of 19.08 times. However, strong buying may only happen if investors see catalysts that would brighten our economic outlook,” he added.

For this week, the policy meetings of the Fed and the BSP will be the main trading drivers, Mr. Tantiangco said.

The Federal Open Market Committee will hold its final review for the year on Dec. 12-13, while the BSP’s Monetary Board will meet to discuss policy on Dec. 14.

“[This] week, investors are expected to focus on the policy meetings of the Federal Reserve and the BSP as they look for clues on the outlook for interest rates. Hints of easing may spur optimism in the market while hints of further tightening is expected to weigh on sentiment,” he said.

“The BSP is likely to echo the Fed in a status quo in rates. Philippine inflation has further eased to 4.1% in November from October’s 4.9%, and prior rate hikes have seemingly impacted foreign exchange and money supply as intended,” 2TradeAsia.com said. 

The market will also await hints on the timing of Fed and BSP rate cuts, it said.

The BSP has raised benchmark interest rates by a cumulative 450 basis points (bps) since May 2022 to help bring down its inflation, with its policy rate now at a 16-year high of 6.5%.

Meanwhile, the US central bank has hiked rates by a cumulative 525 bps to the 5.25%-5.5% range since it began its tightening cycle in March 2022.

Investors expect both the BSP and the Fed to start easing their policy stances by 2024.

“Investors may also look towards our upcoming foreign trade, foreign investment, and overseas Filipino workers cash remittances data for clues on our local economy,” Mr. Tantiangco added. 

He expects the PSEi to retest its 10-day exponential moving average this week.

“The market’s major support is seen at 6,000. Major resistance is seen at 6,400,” he added. — R.M.D. Ochave

The Philippine Stock Exchange index fell by 71.08 points or 1.12% to end at 6,234.77 on Thursday, while the broader all shares index declined by 22.08 points or 0.65% to 3,329.58.

“This Thursday, the local market dropped by 71.08 points to 6,234.77. Investors took cues from Wall Street’s overnight performance wherein trading was cautious as investors await the US’ November labor market data,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Market sentiment was also affected by the 2022 Program for International Student Assessment rankings, where the Philippines placed 77^th out of 81 countries, he said.

“Additionally, the dismal ranking of the Philippines in the recent 2022 Program for International Student Assessment… was digested by investors. The results reflected our relatively challenged educational sector, which can have consequences on our economy’s competitiveness in the long run,” Mr. Plopenio said.

“The market was weaker today in tandem with most of the Asian markets. Local market weakness was exacerbated by profit-taking as we encountered resistance at the 6,300 level,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan added in a Viber message.

Asian shares fell with Wall Street on Thursday, while a sharp fall in oil prices to a six-month low and a soft reading on the US labor market boosted the global bond market, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8%, pulling it down 1.9% so far this month after a 7.3% rally in November. Japan’s Nikkei fell 1.7%.

Overnight, Wall Street was dragged lower by energy stocks as oil prices slid and by tech shares. The Dow Jones slipped 0.2%; the S&P 500 lost 0.4%; and the Nasdaq Composite fell 0.6%.

At home, sectoral indices declined on Thursday. Financials dropped by 26.47 points or 1.52% to 1,705.73; services retreated by 21.33 points or 1.36% to 1,541.36; holding firms went down by 65.63 points or 1.09% to 5,912.04; property lost 13.84 points or 0.5% to end at 2,744.38; mining and oil dropped by 48.05 points or 0.49% to 9,640.50; and industrials declined by 41.13 points or 0.46% to 8,762.70.

“Among the index members, Wilcon Depot, Inc. was at the top, climbing 1.99% to P20.50. Ayala Corp. lost the most, dropping 3.1% to P640.00,” Mr. Plopenio said. 

Value turnover went down to P3.67 billion with 270.24 million shares switching hands from the P5.67 billion with 345.22 million issues seen the prior day.

Advancers edged out decliners, 83 against 82, while 49 names closed unchanged. 

Net foreign selling stood at P410.52 million on Thursday versus the P378.57 million in net buying logged on Wednesday. — RMDO with Reuters

The bellwether Philippine Stock Exchange index (PSEi) dropped by 3.10 points or 0.04% to finish at 6,305.85 on Wednesday, while the broader all shares index inched down by 0.36 point or 0.01% to close at 3,351.66.

“The local bourse declined by 3.10 points to 6,305.85 as investors booked some gains after the three consecutive days of market rally. In addition, the national government’s outstanding debt, which reached a record of P14.48 trillion as of end-October, somehow weighed on sentiment,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

The National Government’s outstanding debt went up by 1.49% from P14.27 trillion as of end-September, data from the Bureau of the Treasury showed.

Year on year, the debt stock rose by 6.16% from P13.64 trillion. It also increased by 7.91% from P13.42 trillion at the end of December 2022.

“Philippine shares closed almost flat, with investors trying to get more cues from overseas that the world’s largest economy is still on an uninterrupted path to recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Despite the losses in the US [overnight], the past five weeks of consecutive gains means that all three stock indexes are still on track to end the quarter and year with big gains,” he added.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March, Reuters reported.

The S&P 500 declined 0.06% to end the session at 4,567.18 points.

The Nasdaq gained 0.31% to 14,229.91 points, while Dow Jones Industrial Average declined 0.22% to 36,124.56 points.

“The stock market is down as 6,300 is proving to be a tough resistance. The market awaits more catalyst for 6,399 to become new support,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

The majority of sectoral indices closed lower on Wednesday. Financials declined by 15.63 points or 0.89% to 1,732.20; mining and oil retreated by 64.22 points or 0.65% to 9,688.55; industrials went down by 25.22 points or 0.28% to 8,803.83; and property dropped by 7.66 points or 0.27% to 2,758.22.

Meanwhile, services climbed by 14.38 points or 0.92% to 1,562.69, and holding firms rose by 17.33 points or 0.29% to 5,977.67. 

Value turnover rose to P5.67 billion on Wednesday with 345.22 million issues changing hands from the P4.01 billion with 622.4 million issues seen on Tuesday.

Decliners outnumbered advancers, 92 versus 79, while 50 names closed unchanged.

Net foreign buying stood at P378.57 million on Wednesday versus the P182.43 million in net selling logged on Tuesday. — R.M.D. Ochave with Reuters

The 30-member Philippine Stock Exchange index (PSEi) rose by 24.58 points or 0.39% to close at 6,308.95 on Tuesday, while the broader all shares index climbed by 4.58 points or 0.13% to finish at 3,352.02. 

“Stocks went up on a last-minute surge, driven by the better inflation numbers for November,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message. 

“The main index initially encountered resistance at the 6,300 level before ending the day on a positive note,” he added.

The market closed higher on last-minute bargain hunting amid slower November inflation, Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio likewise said in a Viber message.

“The local bourse was in the red territory for the most part of the day before a last-minute push from the buyers ended the session above the 6,300 level,” he added.

Headline inflation slowed to a 4.1% in November from 4.9% in October and 8% in November 2022, data released by the Philippine Statistics Authority on Tuesday showed. This was the lowest rate seen since March 2022’s 4%.

This was near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) 4-4.8% estimate for the month and was below the 4.4% median estimate of 15 economists in a BusinessWorld poll conducted last week.

For the first 11 months, inflation averaged 6.2%, faster than the 5.6% in the same period last year and still well above the BSP’s 2-4% target and 6% baseline forecast for 2023.

Sectoral indices were mixed on Tuesday. Services rose by 24.45 points or 1.6% to 1,548.31; property increased by 14.36 points or 0.52% to 2,765.88; and holding firms climbed by 11.29 points or 0.19% to 5,960.34. 

On the other hand, mining and oil fell by 100.61 points or 1.02% to 9,752.77; financials dropped by 3.95 points or 0.22% to 1,747.83; and industrials retreated by 2.11 points or 0.02% to 8,829.05.   

Value turnover climbed to P4.01 billion on Tuesday with 622.4 million issues changing hands from the P3.77 billion with 446.56 million shares logged the previous trading day.

“Among the index members, International Container Terminal Services, Inc. was at the top, climbing 4% to P228.80. Nickel Asia Corp. lost the most, dropping 2.65% to P5.14,” Mr. Plopenio said.   

Decliners outnumbered advancers, 94 versus 82, while 41 names closed unchanged.

Net foreign selling stood at P182.43 million on Tuesday versus the P287.54 million in net buying recorded on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s immediate major support at 6,080-6,120 and resistance at the 6,300 level. — R.M.D. Ochave

The Philippine Stock Exchange index (PSEi) went up by 39.19 points or 0.62% to close at 6,284.37 on Monday, while the broader all shares index rose by 15.22 points or 0.45% to end at 3,347.44.

“The local bourse gained… thanks to the strong S&P Global Philippines Manufacturing PMI (purchasing managers’ index) [data],” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index rose to 52.7 in November from 52.4 in October amid robust demand and growth in new orders and production, a report released on Friday showed.

A PMI reading above the 50 mark denotes better operating conditions, while a reading below 50 signals deterioration.

“Moreover, hopes that the Philippine inflation last month would slow down helped lift the sentiment. However, many were still seen on the sidelines as they wait for the release of the inflation rate,” she added.

Value turnover fell to P3.77 billion on Monday with 446.56 million shares changing hands from the P4.41 billion with 1.68 billion issues traded on Friday.

Meanwhile, a BusinessWorld poll of 15 analysts yielded a median estimate of 4.4% for November headline inflation, at the midpoint of the 4-4.8% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, the November consumer price index (CPI) would be slower than the 4.9% print in October and the 8% logged in the same month last year. However, November would mark the 20^th straight month that inflation exceeded BSP’s 2-4% annual target.

November CPI data will be released on Tuesday.

Shares increased due to the “positive sentiment spillover” from US markets’ rally on Friday, China Bank Securities Corp. Research Associate Lance U. Soledad said in an e-mail.

“Moreover, we think that prospects of a continued easing in local inflation further boosted risk-on appetite,” he added.

On Friday, the Dow Jones Industrial Average rose 294.61 points or 0.82% to 36,245.50; the S&P 500 gained 26.83 points or 0.59% to 4,594.63; and the Nasdaq Composite added 78.81 points or 0.55% to 14,305.03, Reuters reported.

At home, all sectoral indices rose on Monday. Mining and oil increased by 219.87 points or 2.28% to 9,853.38; industrials went up by 84.89 points or 0.97% to 8,831.16; financials jumped by 16.37 points or 0.94% to 1,751.78; holding firms advanced by 30.85 points or 0.52% to 5,949.05; services climbed by 3.65 points or 0.24% to 1,523.86; and property rose by 5.67 points or 0.2% to 2,751.52.

Decliners outnumbered advancers, 91 versus 83, while 46 names closed unchanged.

Net foreign buying declined to P287.54 million on Monday from P1.38 billion on Friday. — S.J. Talavera with Reuters

The Philippine Stock Exchange index (PSEi) went up by 21.45 points or 0.34% to close at 6,245.18 on Friday, while the broader all shares index climbed by 4.39 points or 0.13% to end at 3,332.22.

Week on week, the PSEi dropped by 24.32 points or 0.39% from its close of 6,269.50 on Nov. 24.

“A growing number of investors are piecing together a picture of a potentially good December for stocks. That narrative will be tested this week as the market turns its focus to the Philippine November inflation print and October US jobs data,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“The upcoming week will be another four-day trading week, but the release of November inflation data early on should help spark some excitement before discussion once again moves to monetary policy talks mid-December,” online brokerage 2TradeAsia.com said in a report.

The market will be closed on Friday for a holiday in commemoration of the Feast of the Immaculate Conception.

November consumer price index (CPI) data will be released on Tuesday. A BusinessWorld poll of 15 analysts yielded a median estimate of 4.4% for November headline inflation, at the midpoint of the 4-4.8% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, November CPI would be slower than the 4.9% print in October and the 8% logged in the same month last year.

However, November would also mark the 20^th straight month that inflation exceeded BSP’s 2-4% annual target.

The Monetary Board will hold its final policy meeting for the year on Dec. 14.

The BSP has raised borrowing costs by 450 basis points since May 2022 to help bring down inflation, with its policy rate now at a 16-year high of 6.5%.

The strong factory activity report released on Friday is also expected to boost sentiment when trading starts this week, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to 52.7 in November from 52.4 in October amid robust demand and growth in new orders and production, a report released on Friday showed.

A PMI reading above the 50 mark denotes an improvement in operating conditions, while a reading below 50 signals deterioration.

For this week, 2TradeAsia.com placed the PSEi’s support at 6,100-6,150 and resistance at 6,400.

“Major support is still seen at 6,000 while major resistance is seen at 6,400,” Mr. Tantiangco said.

“The market may see continued consolidation in the 6,200 area and could potentially make an attempt for 6,380 in case of positive news flows,” Mr. Colet added. — S.J. Talavera

The Philippine Stock Exchange index (PSEi) retreated by 41.41 points or 0.66% to close at 6,223.73 on Thursday, while the broader all shares index fell by 11.85 points or 0.35% to finish at 3,327.83.

“The local market gapped down at the open and saw continuing weakness for the day given continued profit-taking activities amidst the last day of MSCI rebalancing and possible month-end window dressing,” China Bank Securities Corp. Research Associate Lance U. Soledad said in an e-mail.

“Moreover, buying appetite may have also remained tepid ahead of the release of October US personal consumption expenditure price index data later tonight,” he added.

The PSEi ended lower on Thursday as investors tweaked their portfolios amid the MSCI rebalancing, Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

“Oil prices ascended after investors shifted their focus to the OPEC+ meeting aimed at determining output policy,” Mr. Limlingan added. OPEC+ or the Organization of the Petroleum Exporting Countries and their allies including Russia were set to hold an online ministerial meeting overnight.

Oil prices traded steadily after rising more than $1 on Wednesday ahead of expected production cuts by the OPEC+ group, Reuters reported.

US crude pared losses to gain 0.23% to $78.04 per barrel and Brent was down 0.18% at $82.95.

“This Thursday, the local market dropped… as investors continued with their profit taking. Concerns over China’s economy, which is one of the Philippines’ major trading partners, also weighed on sentiment. This came following its November official manufacturing PMI (purchasing managers’ index) data, which stood at 49.4, indicating a contraction, and its non-manufacturing PMI which registered 50.2, declining from the prior month’s 50.6,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The majority of sectoral indices closed lower on Thursday. Holding firms declined by 95.49 points or 1.59% to 5,910.80; industrials dropped by 75.73 points or 0.86% to 8,688.02; mining and oil fell by 73.56 points or 0.75% to 9,667.60; and services went down by 9.68 points or 0.63% to 1,515.44.

On the other hand, property climbed by 28.98 points or 1.07% to 2,723.03 and financials rose by 0.22 point or 0.01% to 1,742.53.

Value turnover rose to P7.9 billion on Thursday with 396.25 million shares changing hands from the P5.75 billion with 449.96 million issues traded the previous day.

Decliners outnumbered advancers, 89 compared to 79, while 49 names ended unchanged.

Net foreign selling stood at P320.3 million on Thursday, versus the P202.33 million in net buying seen on Wednesday. — R.M.D. Ochave with Reuters

The Philippine Stock Exchange index (PSEi) retreated by 44.43 points or 0.7% to finish at 6,265.14 on Wednesday, while the broader all shares index fell by 19.02 points or 0.56% to close at 3,339.68. 

“The market is down on profit taking after the recent multi-week rally and ahead of the Morgan Stanley Capital International (MSCI) rebalancing implementation by month-end,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message. 

“The local bourse dropped by 44.43 points to 6,265.14 as investors took some gains after two consecutive days of market rally,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.

Bets on the US Federal Reserve’s next policy mood also affected trading, she added.

“Overseas, sentiment was further weighed down by Fed Governor Michelle Bowman’s statement that more rate hikes may be necessary to keep policy sufficiently restrictive to bring inflation down to the 2% target,” Ms. Alviar said.

Fed Governor Michelle Bowman said the central bank will likely need to raise borrowing costs further in order to bring inflation back down to its target, Reuters reported.

Meanwhile, Fed Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation continues to come down. Mr. Waller also said he was “increasingly confident” the current interest rate setting would prove adequate to lower inflation to the Fed’s 2% target.

The Fed this month kept its target rate at the 5.25%-5.5% range for the second consecutive meeting.

It will hold its last review for the year on Dec. 12-13.

Back home, the majority of sectoral indices ended in the red on Wednesday. Property declined by 86.13 points or 3.09% to 2,694.05; industrials dropped by 44.44 points or 0.5% to 8,763.75; financials decreased by 3.94 points or 0.22% to 1,742.31; and holding firms went down by 1.33 points or 0.02% to 6,006.29.

“The property sector had the largest loss, dropping by 3.10%, largely influenced by the 4.27% decline of SM Prime Holdings, Inc. Meanwhile, San Miguel Corp. was at the top, increasing by 1.89%,” Philstocks Financial’s Ms. Alviar said. 

On the other hand, mining and oil rose by 60.19 points or 0.62% to 9,741.16 and services went up by 4.04 points or 0.26% to 1,525.12. 

Value turnover went up to P5.75 billion on Wednesday with 449.96 million shares changing hands from the P5.34 billion with 382.74 million issues traded the previous day.

Decliners outnumbered advancers, 106 against 70, while 34 names closed unchanged.

Net foreign buying dropped to P202.33 million on Wednesday from P670.36 million on Tuesday. — RMDO with Reuters

The benchmark Philippine Stock Exchange index rose by 40.07 points or 0.63% to end at 6,309.57, while the broader all shares climbed by 10.48 points or 0.31% to close at 3,358.70.

“Philippine shares continued their upward momentum, making a challenge towards the 6,400 level, as investors gear up for the last month and prepare for some window dressing before November closes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. 

The local bourse ended in positive territory amid easing global oil prices, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The local bourse gained by 40.07 points to 6,309.57 thanks to the easing of oil prices amid the temporary truce between Israel and Hamas, coupled with the potential cut in oil supply by OPEC+ (Organization of the Petroleum Exporting Countries and its allies),” Ms. Alviar said.   

“Easing oil prices could support the growth of the Philippines, especially in the last quarter of the year,” she added.

OPEC+, which includes OPEC countries and other countries such as Russia, is scheduled to have an online ministerial meeting on Thursday to discuss production targets for next year.

On Tuesday, US crude eased 0.13% to $74.76 per barrel and Brent was back below $80, with oil prices swaying between gains and losses ahead of OPEC+ meeting later this week, Reuters reported.

At home, as of Tuesday, year-to-date price adjustments stood at P12.30 per liter for gasoline, P6.00 per liter for diesel, and P1.74 per liter for kerosene.

The majority of the sectoral indices closed higher on Tuesday. Property increased by 90.30 points or 3.35% to 2,780.18; holding firms went up by 31.34 points or 0.52% to 6,007.62; mining and oil climbed by 20.67 points or 0.21% to 9,680.97; and financials rose by 0.53 point or 0.03% to 1,746.25. 

Meanwhile, industrials declined by 118.13 points or 1.32% to 8,808.19, and services inched down by 0.21 point or 0.01% to 1,521.08. 

“The property sector surged the most, advancing by 3.36%, largely influenced by the 4.46% gain of SM Prime Holdings, Inc. and the 3.68% increase of Ayala Land, Inc., positioning them at the top among the index members. Meanwhile, Universal Robina Corp. was at the bottom, losing by 3.39%,” Ms. Alviar said.

Value turnover rose to P5.34 billion on Tuesday with 382.74 million issues changing hands from the P2.68 billion with 445.73 million issues recorded on Friday.

Decliners beat advancers, 106 to 79, while 39 names ended unchanged. 

Net foreign buying reached P670.36 million on Tuesday versus the P123.04 million in selling seen on Friday.

Philippine financial markets were closed on Monday due to a public holiday for Bonifacio Day. — R.M.D. Ochave with Reuters

On Friday, the 30-member Philippine Stock Exchange index (PSEi) rose by 23.30 points or 0.37% to close at 6,269.50, while the all shares index went up by 20.21 points or 0.6% to 3,348.22.

Week on week, the PSEi climbed by 57.61 points or 0.93% from its 6,211.89 close on Nov. 17.

“Slight gains amidst anemic turnover characterized [last] week’s trade in light of Thanksgiving holiday plus ahead of a shortened trading week,” online brokerage 2TradeAsia.com said in a market report.

Philippine financial markets were closed on Monday due to a public holiday for Bonifacio Day.

For the coming days, the market may decline anew as investors could pocket their profits after the PSEi recorded gains in three out of five trading days last week, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Expectations that interest rates will remain high for a while following Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.’s hawkish statements … may also weigh on the market,” Mr. Tantiangco said.   

“The local market has been building momentum lately, rising for four weeks with a total gain of 5.16%. However, trading has been lethargic, implying that the market’s current rally is not backed by strong investor participation,” he added. 

BSP Governor Eli M. Remolona, Jr. on Friday said their policy stance will remain “hawkish for a while,” reiterating that the Monetary Board could still resume tightening to keep inflation expectations anchored.

At its Nov. 16 meeting, the BSP kept its policy rate at a 16-year high of 6.5% amid easing inflation following an off-cycle hike of 25 basis points (bps) last month.

The Monetary Board has raised borrowing costs by 450 bps since it began its tightening cycle in May 2022.

It will hold its last policy review for this year on Dec. 14.

Meanwhile, the Fed kept its benchmark interest rate steady at the 5.25%-5.5% range for a second straight time during their Oct. 31-Nov. 1 meeting. It has hiked rates by 525 bps since it began its tightening cycle in March 2022.

The Federal Open Market Committee will next meet on Dec. 12-13 to review policy.

“[This] week, investors are expected to watch out for catalysts that can spur optimism towards the local economy. Without such, we may see selling pressures dominate leading to a pull back for the local bourse,” Mr. Tantiangco added. “Chart-wise, the market’s immediate support is seen at its 50-day exponential moving average. Resistance is seen at the 6,400 level.”

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s immediate major resistance at the 6,300 level and immediate major support at 6,055-6,100.

For its part, 2TradeAsia.com placed the PSEi’s support at 6,100 and resistance at 6,400. — RMDO

The Philippine Stock Exchange index (PSEi) climbed by 23.30 points or 0.37% to close at 6,269.50 on Friday, while the broader all shares index rose by 20.21 points or 0.6% to finish at 3,348.22.

“The local bourse gained by 23.30 points to 6,269.50, thanks to the strengthened peso against the dollar. This positive momentum was further fueled by robust auto sales in October, indicating resilient consumer demand despite high inflation and elevated interest rates,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

On Friday, the peso closed at P55.38 versus the dollar, rising by a centavo from Thursday’s P55.39 finish, data from the Bankers Association of the Philippines’ website showed.

This was the peso’s strongest close against the greenback in more than three months or since the P55.19-a-dollar finish on Aug. 2.

Meanwhile, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) released last week showed new vehicle sales increased to 38,128 units in October from 32,146 units in the same month a year ago.

However, car sales declined by 1.3% from 38,628 units sold in September amid elevated inflation.

For the first 10 months, CAMPI-TMA members sold 352,971 units, up by 25.9% from 280,300 units a year ago.

“Overseas, the temporary pause in the conflict between Israel and Hamas also contributed to a more optimistic market sentiment,” Ms. Alviar added.

“Philippine shares traded quietly, [but investors] became bargain hunters as investors were optimistic that the US economy would get a boost following Black Friday,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Back home, sectoral indices were mixed at the end of Friday’s trading. Property climbed by 31.36 points or 1.18% to 2,689.88; services went up by 9.66 points or 0.63% to 1,521.29; and holding firms rose by 28.58 points or 0.48% to 5,976.28. 

On the other hand, industrials fell by 21.17 points or 0.23% to 8,926.32; financials retreated by 1.44 points or 0.08% to 1,745.72; and mining and oil declined by 5.39 points or 0.05% to 9,660.30.

Value turnover reached P2.68 billion on Friday with 445.73 million issues switching hands, higher than the P2.33 billion with 453.55 million shares traded the previous day. 

Decliners outnumbered advancers, 94 versus 78, while 51 names ended unchanged.

Net foreign selling stood at P123.04 million on Friday versus the net buying worth P85.63 million net foreign inflows recorded on Thursday. 

Philippine financial markets are closed on Monday due to a public holiday for Bonifacio Day. — R.M.D. Ochave

The Philippine Stock Exchange index (PSEi) went down by 6.98 points or 0.11% to close at 6,246.20, while the broader all shares decreased by 2.03 points or 0.06% to finish at 3,328.01.

The local bourse closed weaker due to profit taking, Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“This Thursday, the local market dropped by 6.98 points (0.11%) to 6,246.20 as the lack of a positive catalyst caused investors to take profits. The bourse made gains intraday, rising to 6,259.66 before sellers prevailed,” Mr. Plopenio said. 

“Also, the lack of a positive catalysts, together with ongoing economic concerns both at home and offshore, caused many to remain on the sidelines,” he added.

The local bourse dropped amid bets on the US Federal Reserve’s next move, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The PSEi corrected slightly lower after rising for two straight days on some profit-taking activities, locking in some gains ahead of the US Thanksgiving Holiday and also after the latest Fed minutes that hinted the need to proceed carefully in Fed rate decision, especially in ensuring the achievement of the inflation target,” Mr. Ricafort said.

US Federal Reserve officials agreed at their last policy meeting that they would proceed “carefully” and only raise interest rates if progress in controlling inflation faltered, the minutes of the Oct. 31-Nov. 1 gathering showed on Tuesday, Reuters reported.

Inflation has been slowing — consumer prices did not rise at all on a month-to-month basis in October — and while the Fed has not declared its fight against rapid price increases over, the tenor of the discussion has been shifting towards a focus on how long to keep the policy rate in the current 5.25%-5.5% range.

At home, sectoral indices were split on Thursday. Services retreated by 9.96 points or 0.65% to 1,511.63; holding firms declined by 19.92 points or 0.33% to 5,947.70; and financials went down by 4.60 points or 0.26% to 1,747.16.

On the other hand, property rose by 11.16 points or 0.42% to 2,658.52; mining and oil climbed by 38.71 points or 0.4% to 9,665.69; and industrials went up by 34.46 points or 0.38% to 8,947.49. 

“Among the index members, Monde Nissin Corp. was at the top, climbing 3.54% to P8.48. JG Summit Holdings, Inc. lost the most, dropping 1.94% to P37.90,” Philstocks Financial’s Mr. Plopenio said.

Value turnover went down to P2.33 billion on Thursday with 453.55 million shares switching hands, from the P4.01 billion with 296.08 million issues seen the previous trading day.

Decliners outnumbered advancers, 91 against 74, while 48 names ended unchanged.

Net foreign buying went down to P85.63 million on Thursday from P1.02 billion on Wednesday. — R.M.D. Ochave with Reuters

The benchmark Philippine Stock Exchange index rose by 44.35 points or 0.71% to 6,253.18, while the broader all shares index increased by 15.44 points or 0.46% to 3,330.04.

“The local bourse gained by 44.35 points (0.71%) to 6,253.18, thanks to strong foreign buying, recording a net inflow of P1.02 billion. Moreover, Oxford Economics’ upward adjustment of the Philippines’ economic growth forecast from 4.5% to 5% helped lift the market,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message. 

Oxford Economics recently said that it expects Philippine gross domestic product (GDP) to grow by 5% this year, faster than its previous projection of 4.5%. 

Philippine GDP expanded 5.9% in the third quarter, faster than 4.3% in the second quarter but slower than 7.7% a year earlier.

For the first nine months, economic growth averaged 5.5%, still below the government’s 6-7% full-year target.

Meanwhile, net foreign buying ballooned to P1.02 billion on Wednesday from P120.35 million on Tuesday. 

“The local bourse has maintained its upward trajectory, still propelled by the recent positive developments in macroeconomic factors, including easing inflation in both the US and the Philippines, along with favorable third quarter earnings results,” Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message. 

Philippine headline inflation fell to a three-month low of 4.9% in October from 6.1% in September. For the 10-month period, inflation averaged 6.4%.

Meanwhile, the US consumer price index (CPI) was unchanged in October for the first time in more than a year following a 0.4% rise in September. On an annual basis, the CPI rose by 3.2% after going up by 3.7% in September.

All sectoral indices ended higher on Wednesday. Mining and oil surged by 180.65 points or 1.91% to 9,626.98; industrials went up by 152.29 points or 1.73% to 8,913.03; services climbed by 14.17 points or 0.94% to 1,521.59; holding firms rose by 27.88 points or 0.46% to 5,967.62; property improved by 6.80 points or 0.25% to end at 2,647.36; and financials increased by 0.34 point or 0.01% to 1,751.76. 

“Within the index members, consumer foods’ stocks Universal Robina Corp. and Monde Nissin Corp. were at the top, gaining by 5.36% and 4.73%, respectively. However, Metropolitan Bank and Trust Co. had the biggest loss, dropping by 1.52%,” Ms. Alviar said.

Value turnover reached P4.01 billion on Wednesday with 296.08 million issues switching hands, higher than the P3.91 billion with 422.56 million shares recorded the previous trading day.

Advancers beat decliners, 93 versus 77, while 48 issues closed unchanged. — RMDO

The Philippine Stock Exchange index climbed by 25.20 points or 0.4% to finish at 6,208.83 on Tuesday, while the broader all shares index increased by 9.28 points or 0.28% to close at 3,314.60. 

“The index returned above the 6,200 level as a relatively benign market environment, an overnight rally in US shares, and a favorable auction of 20-year US Treasuries spurred bargain hunting in local equities,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message. 

Wall Street’s three major stock averages closed higher on Monday, with Nasdaq’s 1% rally leading the charge, as heavyweight Microsoft hit a record high after it hired prominent artificial intelligence executives, Reuters reported.

The Dow Jones Industrial Average rose 203.76 points or 0.58% to 35,151.04; the S&P 500 gained 33.36 points or 0.74% at 4,547.38; and the Nasdaq Composite added 159.05 points or 1.13% at 14,284.53.

“The local bourse gained… following the US markets overnight amid the signs of a slowdown in the US inflation. The positive sentiment was further fueled by the recorded surplus in the Philippines’ balance of payments (BoP) in October, indicating potential support for the peso, which has been gaining strength recently against the US dollar,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar added in a Viber message. 

The Philippines’ country’s BoP surplus widened to $1.5 billion in October from $711 million in the same month a year ago, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.

For the first 10 months, the BoP position stood at a $3.2-billion surplus, a turnaround from the $7.1-billion deficit in the same period a year ago.

The BSP expects the country’s BoP position to end the year at a $127-million deficit.

Sectoral indices were mixed on Tuesday. Financials went up by 17.54 points or 1.01% to 1,751.42; industrials climbed by 83.05 points or 0.95% to 8,760.74; and services increased by 14.01 points or 0.93% to 1,507.42.

Meanwhile, property fell 18.64 points or 0.7% to 2,640.56; mining and oil dropped 4.57 points or 0.04% to 9,446.33; and holding firms declined by 1.91 points or 0.03% to 5,939.74. 

Value turnover rose to P3.91 billion on Tuesday with 422.56 million issues changing hands, from the P3.73 billion with 690.86 million issued recorded on Monday. 

Declines edged out advancers, 86 versus 80, while 43 issues closed unchanged.    

Net foreign buying stood at P120.35 million on Tuesday, a turnaround from the P105.9 million in net selling recorded on Monday. 

“The 6,200 to 6,250 area is a strong resistance zone, so we need to see more buying at these levels to build a case for a fresh rally,” Mr. Colet said. — R.M.D. Ochave with Reuters