The Market Monitor Minding the Nation's Business
Local shares slightly went up on Friday following the release of core personal consumption expenditures data.
The Philippine Stock Exchange index (PSEi) closed at 6,181.06, up by 0.09 percent from 6,175.25 the previous day, while all shares also rose by 0.22 percent to 3,341.97.
Half of the sectoral indices ended the week in a positive territory, led by Property which increased by 2.37 percent.
It was followed by Industrial, 0.54 percent; and Services, 0.18 percent.
Financials, Holding Firms, and Mining and Oil, however, declined by 0.71 percent, 0.61 percent and 0.87 percent, respectively.
Volume reached 2.11 billion shares with a total value of P11.50 billion. Advancers led decliners at 98 to 92, while 44 shares were unchanged.
“Philippine shares started the month slightly up as investors digested the latest core personal consumption expenditures data. The latter increased 0.2 percent month-on-month in July and 4.2 percent year-on-year, matching estimates from economists polled by Dow Jones,” said Regina Capital Development Corp. head of sales Luis Limlingan.
Limlingan said investors now await non-farm payroll data due Friday morning (US time).
“Traders are holding onto hope that the report will indicate that the economy is slowing meaningfully, and ultimately give the Fed(eral Reserve) reason to pause benchmark interest rate hikes,” he said.
Limlingan said oil prices increased by more than US$2 per barrel near the end of trading on Thursday on expectations that production cuts by the Organization of the
Petroleum Exporting Countries and its allies, called OPEC+, would continue through the end of 2023.
Brent crude rose by 1.16 percent at US$86.86 per barrel while WTI crude settled at US$83.63 per barrel, also up by 2.45 percent.PNA