Shares bounced back amid light trading volumes as investors awaited more guidance from US Federal Reserve chairperson Jerome Powell on the central bank’s tightening stance.
The three-day Jackson Hole economic symposium starts on Thursday with Powell slated to speak Friday morning.
Philippine Stock Exchange index closed at 6,643.45 up 25.07 points or 0.38 percent.
A handful of counters finished at the positive level with SM Prime Holdings finishing 0.83 percent higher to P36.50 per share; SM Investments up 1.07 percent to P851; Banco de oro Unibank rose 1.6 percent to settle at P127; and Ayala Corp posting a 1.46 percent increase to P730.
US Federal Reserve watchers expect Powell to reinforce the central bank’s goal of squashing inflation and keeping expectations about future price gains in check. Oil soared as Saudi hinted at a possible output cut. Brent crude jumped 3.88 percent to $100.22, Regina Capital Development Corp said in a report. On the other hand, the US WTI crude closed at $93.74/bbl (+3.7 percent).
IPO season opener
The Philippine Stock Exchange, meanwhile, will host the 2022 edition of the road to Initial Public Offering, which will feature a variety of topics and key strategic considerations related to IPO. The virtual event scheduled on 15 September aims to gather business owners who would like to know more about the benefits of IPO listing and the requirements and processes in successfully conducting a maiden share offering to the public.
“We have had a robust IPO since last year. With more companies inquiring how they can tap the equities market for capital to fund their expansion, we deemed it was essential to offer a more comprehensive Road to IPO program,” said PSE president and CEO Ramon S. Monzon.
The Road to IPO will showcase a fireside chat on the IPO success stories of select listed companies. Featured speakers in this segment are DMCI Holdings Inc. Founding Director, chief finance officer and executive vice president Herbert Consunji, GT Capital Holdings Inc. chairperson Francisco C. Sebastian, and JG Summit Holdings Inc. president and CEO Lance Y. Gokongwei.