Share prices recovered yesterday, ending several days of decline, as investors went for some bargains after digesting President Duterte’s fifth State of the Nation Address.
The benchmark Philippine Stock Exchange index or PSEi gained 66.17 points or 1.12 percent to close at 5,927.11.
Likewise, the broader All Shares index rose 25.81 points or 0.74 percent to end at 3,493.64.
All other gauges went up as well, with mining and oil, property and holding firms booking the biggest gains.
Total value turnover, however, was thin at P4.3 billion. Advancers and decliners each totaled 97, while 45 issues were unchanged.
Robbie Samson of First Metro Securities said in a television interview that investors should be defensive, be risk-off in equities, divert to bonds and hold cash for now.
He sees the next support for the PSEi at 5,400 to 5,500, with investors still uncertain if Metro Manila will revert back to enhanced community quarantine. The year-end forecast is 7,000 to 7,500 for the PSEi.
Part of new catalysts that could revive interest in the market is the real estate investment trust, traders said.
Ayala Land Inc. is introducing the country’s first REIT, AREIT, which brings to the market an investment option with high-performing commercial assets combined with the strength of the Ayala Land brand.
“AREIT’s IPO is not only for Ayala Land, but also for the continued development of the Philippine capital markets. Since the REIT law was passed in 2009, domestic and foreign investors have been eagerly awaiting to invest in REITs in the Philippines,” AREIT chairman Jose Emmanuel Jalandoni said.
By: Iris Gonzales (The Philippine Star )
Source: Peso Economics
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