PSEi climbs on bargain hunting, positive data

PHILIPPINES stocks climbed on Wednesday as investors scoured bargains following improved remittance data and increased auto sales.

The Philippine Stock Exchange’s benchmark index (PSEi) gained 40.28 points or 0.59% to close at 6,835.41 on Wednesday, while the all-stock index improved 11.72 points or 0.27% at 4,227.48.

“The market went hunting for bargains today after dropping significantly yesterday as infection rates continued their downward trend, so the government may ease restrictions further until July 15th.” Diversified Securities, Inc. stock trader Aniceto K. Pangan said in a text message Wednesday.

“The PSEi closed higher as investors returned to the Philippines after pulling US stocks after the unexpected acceleration in June inflation data,” said Regina Capital Development Corp. Sales Director Luis A Limlingan, in a Viber message. “Locally, sentiment was boosted by improved remittances and auto sales data. “

Net sales abroad fell to 170.11 million pesos on Wednesday from 1.03 billion pesos recorded on Tuesday.

Remittances rose 13% to $ 2.382 billion in May, from $ 2.106 billion year-on-year, according to preliminary data from Bangko Sentral ng Pilipinas. This is the fourth consecutive month of growth since the 1.7% contraction in January.

At the same time, vehicle sales jumped 44.8% in June from the same month last year. According to a joint report by the Philippine Chamber of Automobile Manufacturers, Inc. and the Truck Manufacturers Association, the figure equates to 22,550 units compared to 15,578 units last year.

On the other hand, the S&P 500 and the Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a rise in consumer prices in June, Reuters reported. Data shows that U.S. consumer prices rose the most in 13 years last month, while so-called staple consumer prices jumped 4.5% year-on-year, the largest increase since November 1991.

The Dow Jones Industrial Average fell 0.31% to close at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21 points. The Nasdaq Composite lost 0.38% to 14,677.65.

Back home, most sector indices posted gains on Wednesday with the exception of real estate, which lost 15.97 points or 0.49% to 3,234.87, and services, which lost 6 , 95 points or 0.43% to finish at 1.608.83.

Meanwhile, holding companies climbed 76.99 points or 1.13% to 6,888.71; mining and petroleum increased 87.92 points or 0.9% to 9,792.77; financials rose 11.95 points or 0.81% to 1,476.31; and industrials gained 27.73 points or 0.28% to close at 9,608.12.

Turnover in value declined to P 4.37 billion with 1.02 billion shares changing hands on Wednesday, from P 5.78 billion with 1.89 billion shares the previous trading day .

The decliners beat the advances, 117 to 70, while 58 names remained unchanged.

“The market could remain in consolidation mode with a positive bias [on Thursday]Said Mr. Pangan of Diversified Securities. – Keren Concepcion G. Valmonte with Reuters

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