Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

PHL shares climb on firms’ earnings, dovish Fed

STOCKS climbed on Monday on strong third-quarter results of listed companies and hopes that the US Federal Reserve will begin to consider smaller rate hikes at their meeting next month.

The benchmark Philippine Stock Exchange index (PSEi) went up by 110.05 points or 1.77% to close at 6,295.58 on Monday, while the broader all shares index rose by 39.87 points or 1.21% to finish at 3,313.57. 

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said PSEi went up amid hopes of slower rate hikes by the Fed following dovish statements from several US central bank policy makers last week.

Four Fed officials said they would still consider a smaller rate hike at their policy meeting on Dec. 13-14, even amid strong data that could strengthen the case for continued aggressive tightening to bring down inflation.

The US central bank last week delivered a fourth straight 75-basis-point (bp) hike, bringing cumulative increases since March to 375 bps.

“Philippine stocks moved sideways as negative macroeconomic conditions are being offset by surprisingly strong corporate fundamentals,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

“Market participants had to contend with decade-high inflation and rising global interest rates. However, the first batch of third-quarter corporate earnings results have mostly come out better than expected,” Mr. Vistan added.

Philippine headline inflation picked up to 7.7% in October, its fastest pace in almost 14 years, due to higher food prices following recent typhoons.

This was up from the 6.9% print in September and 4% in October 2021, and was the fastest in nearly 14 years or since the 7.8% seen in December 2008 during the global financial crisis.

For the first 10 months, inflation averaged 5.4%, faster than 4% a year ago and the central bank’s 2-4% target but still lower than its 5.6% forecast for the year.

Almost all sectoral indices closed higher on Monday. Property went up by 89.86 points or 3.45% to 2,693.49; services rose by 28.66 points or 1.78% to 1,635.26; holding firms gained 78.55 points or 1.32% to end at 6,018.61; industrials added 103.93 points or 1.15% to close at 9,112.49; and financials climbed by 12.30 points or 0.76% to 1,615.29. 

Meanwhile, mining and oil declined by 102.98 points or 1.03% to 9,846.19.

Value turnover went up to P4.48 billion on Monday with 337.75 million shares changing hands from the P3.97 billion with 304.79 issues traded on Friday.

Advancers overwhelmed decliners, 117 versus 62, while 50 names closed unchanged.

Net foreign buying rose to P391.21 million on Monday from P265.63 million on Friday.

AB Capital Securities’ Mr. Vistan put the PSEi’s support at 6,150 and resistance at 6,300. — A.E.O. Jose

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...


In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...


Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...


At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.