PSEi ends flat heading into Holy Week break
MANILA, Philippines — Philippine equities ended flat on Wednesday, with one analyst describing the day’s trading session as “quiet” ahead of the Holy Week break.
The bellwether Philippine Stock Exchange index still managed to end in the green, up 0.11% or 8.69 points to close at 7,835.15 on Wednesday. The broader All-Shares index climbed 0.18% or 8.54 points to finish at 4,836.68.
“A quiet trading session today heading into Holy Week with the Nasdaq Comp breaking the key 8000 level. US markets rose with the Nasdaq breaching above the crucial 8,000 handle for the first time in six months as investors digested a slew of corporate earnings,” Luis Limlingan of Regina Capital said in a market commentary.
Philippine financial markets will be closed on Maundy Thursday (April 18) and Good Friday (April 19).
Meanwhile, Asian markets mostly rose Wednesday as data showed China's economy grew more than expected in the first three months of the year, adding to a broadly upbeat mood on trading floors.
"Overall, this confirms that China's economic growth is bottoming out and this momentum is likely to continue going into months ahead with (a) recent surge in credit growth and a possible agreement between the US and China on trade issues," said Tai Hui, chief market strategist for Asia-Pacific at JP Morgan Asset Management.
"From Beijing's perspective, this set of data should show that the policy reset in mid-2018 from de-leverage to growth support is starting to yield results."
Shanghai rose 0.3%, Tokyo ended 0.3% higher, while Singapore gained 0.4%, with Wellington, Taipei and Bangkok all up.
However, Hong Kong was slightly lower with analysts pointing out that the improvement could keep policymakers from building on the stimulus tweaks that have provided much-needed economic support. Sydney eased 0.3% and Seoul slipped 0.1%. — Ian Nicolas Cigaral with AFP