The bellwether Philippines Stocks Exchange index bucked the trend of the US markets last Friday, advancing by 65.58 points to end yesterday at 5,970.33. Heavyweights, especially SM Investments Corp. and SM Prime Holdings Corp. helped lift the bourse into the green territory.
Investors extended bargain hunting but market participation remains weak, Claire Alviar, research associate at Philstocks Financial Inc., said.
Net market value turnover reached P6.64 billion. If we’re going to get the net, however, it was only P3.08 billion, lower than the month’s average of P3.69 billion.
“Also, we do not see a strong positive catalyst yet that could break the 6,000-6,100 resistance level,” according to Alviar.
Deluge of data set
Investors are bracing for another week of US data ahead.
“There are a handful of speaking engagements from US Federal Reserves officials throughout the week,” Regina Capital Development Corp. managing director Luis Limlingan said.
Oil prices plummeted more than three percent as the combination of global recession fears and weak oil demand weighed on oil.
Brent crude futures dropped $2.94 to settle at $91.63 a barrel, while US West Texas Intermediate crude futures sank $3.50 to $85.61.
Sectors were mixed with the Holdings and Properties, leading the gainers, up by 2.27 percent and 2.26 percent, respectively. Meanwhile, Financials had the biggest loss 1.19 percent.
Again, SM was at the forefront, advancing 4.86 percent while Monde Nissin Corp. lost the most by 3.65 percent, among index members.