The index closed by -0.18% for the day after gaining as much as 1% during the days trading. The good market opening followed the US stocks good move from yesterdays close where Nasdaq move up as much as +3.11%, Dow Jones +2.43% and S&P500 +2.76% on the back of recession fears subsiding.
The index close to 6,274.80 with a net buying of 22.6Million. It remains to be seen whether this is the start of their accumulation as the value is still small while net selling for the past days are still present.
For the index sector Mining led the index group by 2.46% as SCC price continues to price in its possible inclusion in the Index sector. Foreign buyers were also net buyers for the past few weeks already since the initial review from brokers came out.
For the Blue chip index, gainers were WLCON (+3.78%) and ALI (+3.28%). Top Losers were MER (-3.35%) and SMPH (-2.91%).
In ASIA markets, all indexes mostly ended in green leaving PSEI again in the red closing.
For the market movers, as mentioned SCC (+3.69%) which is rumored to be included in the blue chip index, the stock close at 40.70
CHP (+20.90%) have had a good volume accumulation as well for the past few days and traders managed to push up the index.
ABA (9.14%) the main runner stock in the PSE market as of the moment exploded its movement by as news regarding its COAL operating deal with ORVI (Oriental Vision Mining Philippines incorporated. Abacus Coal Exploration Development Corp. (Abacoal), a subsidiary of AbaCore, will provide three coal blocks that it owns in Surigao Del Norte for ORVI to develop.
The PSE index ended green today with 2.04% gain reaching high before the pre closing. Inflation results was already out and looks like the market is digesting well the results. PH inflation rose to 6.1% this June higher than last months 5.4% mainly due to rising fuel costs. This is within the BSP range of 5.7-6.5% target range.
Inflation averaged 4.4% y/y in January to June while transport inflation was at 17.1% in June and had a 31.7% share in the uptrend; diesel prices rose 92.5% y/y. Food inflation accelerated to 6% from 4.9% in May, driven by meat and rice prices; it had a 58.3% share in the uptrend.
The index close at 6,309.99 with a net foreign selling of 146 Million.
Index Sector was led by property gaining as much as 3.41% with all indices ending in Green Zone.
For the Blue chip index JGS led the group surging by up to 6.77% and Monde at 5.30%, while lag came the most from CNVRG at -5% and Emperador at -2.27%.
US markets were closed yesterday due to July 4 independence day celebration. In asia, index are mostly in green as well.
Dow Jones Industrial Average
HANG SENG INDEX
SSE Composite Index
S&P BSE SENSEX
Jakarta Composite Index
FTSE Bursa Malaysia KLCI
S&P/NZX 50 INDEX GROSS
KOSPI Composite Index
TSEC weighted index
S&P/TSX Composite index
Index futures are pointing to a good upside in the US market. S&P up by 0.33%, Dow up by 0.26% and Nasdaq at 0.45%.