THE MAIN INDEX ended higher on Wednesday to trace Wall Street’s climb and amid market optimism over corporate results.
The Philippine Stock Exchange index (PSEi) rose by 0.4% or 24.92 points to finish at 6,119.88. Alternatively, the broader all shares index inched down by 0.1% or 3.94 points to three,675.
“The local bourse prolonged its rise backed by optimistic expectations towards fourth quarter and full-year 2024 corporate results. The positive cues from Wall Street also helped in Wednesday’s session,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Momentum was further sustained when US equities rallied Tuesday as investors shrugged off global trade and inflation concerns, with tariff developments in Washington remaining a wildcard,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Rizal Industrial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the PSEi prolonged its climb as US shares gained barely overnight, boosting most global markets.
Global stocks were regular on Wednesday, with European and US shares at record highs, as traders cautiously shrugged off US President Donald J. Trump’s latest tariff threats on auto, semiconductor and pharmaceutical imports, Reuters reported.
Mr. Trump told reporters on Tuesday that sectoral tariffs on pharmaceuticals and semiconductor chips would start at “25% or higher,” rising substantially over the course of a yr. He intends to impose similar tariffs on autos as soon as April 2.
Overnight, the US benchmark S&P 500 squeaked past its previous record closing high as all three Wall Street indexes seesawed between gains and losses for much of the session before rising within the closing minutes.
The Dow Jones Industrial Average increased by 0.02% or 10.26 points to 44,556.34; the S&P 500 gained by 0.24% or 14.95 points to six,129.58; and the Nasdaq Composite went up by 0.07% or 14.49 points to twenty,041.26.
Majority of sectoral indices closed higher on Wednesday. Mining and oil surged by 4.73% or 375.93 points to eight,315.87; property went up by 1.83% or 40.64 points to 2,257.32; industrials climbed by 1.16% or 101.53 points to eight,854.93; and holding firms increased by 0.98% or 49.86 points to five,126.65.
Meanwhile, financials dropped by 1.05% or 24.06 points to shut at 2,259.86, and services went down by 0.46% or 9.35 points to 1,983.47.
Value turnover went all the way down to P5.18 billion on Wednesday with 1.41 billion shares traded from the P6.30 billion with 1.06 billion issues exchanged on Tuesday.
Advancers beat decliners, 98 versus 89, while 59 names were unchanged.
Net foreign selling went as much as P515.39 million on Wednesday from P199.76 million on Tuesday. — Revin Mikhael D. Ochave with Reuters
