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PSEi up 0.17% as US markets rebound

Investors looked for bargains near the 6,400 support levels on Tuesday, ending the five-day losing streak for the Philippine Stock Index (PSEi), which gained 11.04 points or 0.17% to close at 6,448.46.

According to Philstocks Financial Inc. Research Associate Claire Alviar and Rizal Commercial Banking Corp. Chief Economist. Michael Ricafort, the local stock exchange, along with other markets, took inspiration from the positive performance of the US markets overnight.

“As of 3:00 p.m. (Philippine time), most Asian peers were also in the green, following US markets ahead of the Federal Reserve meeting,” Alviar added.

The latest drop in local diesel prices to 4.15 pula per liter and tighter data on the balance of payments (BOP) deficit in the fourth month also helped boost market sentiment.

Meanwhile, Regina Capital Development Corp. managing director Luis Limlingan said Moody’s Analytics sees the Bangko Sentral ng Pilipinas sticking to its aggressive stance against soaring inflation. With this in mind, he expects the central bank to push the benchmark rate another 50 basis points to 4.25% at the next Monetary Board meeting on Thursday (September 22, 2022).

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“On the data front, investors will get a fresh look at the housing market with August’s housing starts and building permits reports as the Federal Open Market Committee begins its two-day meeting on Tuesday. American time,” Limlingan said. out.

Oil rose on Monday as supply issues outweighed fears of a slowdown in global demand due to a strong greenback and possibly large interest rate hikes. Brent crude edged up 0.51% to $91.82 a barrel, while US West Texas Intermediate crude futures closed at $85.53 a barrel, up 0.49%.

Tuesday’s net market value turnover was 4.62 billion pesos, with foreigners being net sellers, amounting to 191.98 million pesos.

With the exception of holdings, which fell 0.40%, all sectors were in green territory, led by financials, which rose 0.80%.

Advances won against decliners, 94 to 82, while 55 titles remained unchanged.

Converge ICT Solutions Inc. had the biggest gain of 2.37% while Puregold Price Club, Inc. was at the bottom, falling 3.67%.