PSEi bounces back to 6,000-level | ABS-CBN
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PSEi bounces back to 6,000-level
PSEi bounces back to 6,000-level
Published Feb 04, 2025 08:57 PM PHT
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Updated Feb 05, 2025 10:17 AM PHT
MANILA - The Philippine Stock Exchange bounced back on Tuesday after suffering one of the sharpest plunges last week since the pandemic.
MANILA - The Philippine Stock Exchange bounced back on Tuesday after suffering one of the sharpest plunges last week since the pandemic.
The PSEi was up 3.5 percent closing at 6,089.06 at the end of Tuesday's trading, with the broader All Shares index also rising sharply by 2.36 percent.
The PSEi was up 3.5 percent closing at 6,089.06 at the end of Tuesday's trading, with the broader All Shares index also rising sharply by 2.36 percent.
This was after the Friday bloodbath which saw the main index shed 4 percent and sink to 16-month low below the 6,000 support level.
This was after the Friday bloodbath which saw the main index shed 4 percent and sink to 16-month low below the 6,000 support level.
Aside from concerns about slowing growth, the sharp fall last week was also attributed to the reconstitution of the main index which saw two firms replaced on the PSEi.
Aside from concerns about slowing growth, the sharp fall last week was also attributed to the reconstitution of the main index which saw two firms replaced on the PSEi.
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Jeri Alfonso, Equity Research Analyst, Unicapital Securities, said the volatility of the Philippine stock market is linked to pronouncements of US President Donald Trump.
Jeri Alfonso, Equity Research Analyst, Unicapital Securities, said the volatility of the Philippine stock market is linked to pronouncements of US President Donald Trump.
"If he announces this, then the market will move this way. And then if he takes it back, then the market will move this way. So it's really his words that will significantly affect how the market will move this year," Alfonso said.
"If he announces this, then the market will move this way. And then if he takes it back, then the market will move this way. So it's really his words that will significantly affect how the market will move this year," Alfonso said.
Trump earlier threatened to slap hefty tariffs on goods from Mexico and Canada, which are the biggest trading partners of the US. But the US leader hit pause on his threats after discussions with each country's leader.
Trump earlier threatened to slap hefty tariffs on goods from Mexico and Canada, which are the biggest trading partners of the US. But the US leader hit pause on his threats after discussions with each country's leader.
Trump however carried out his threat to impose more tariffs on goods from China, which prompted the Asian giant to respond with similar tariffs.
Trump however carried out his threat to impose more tariffs on goods from China, which prompted the Asian giant to respond with similar tariffs.
Stock markets around the world mostly rebounded after Trump said he would delay tariffs on imports from the Canada and Mexico.
Stock markets around the world mostly rebounded after Trump said he would delay tariffs on imports from the Canada and Mexico.
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"Markets have shown some nervousness around the prospect of a trade war, yet it doesn't look like we're going to have another truly miserable day," noted Russ Mould, investment director at AJ Bell.
"Markets have shown some nervousness around the prospect of a trade war, yet it doesn't look like we're going to have another truly miserable day," noted Russ Mould, investment director at AJ Bell.
"Equity indices were only slightly down in Europe, pockets of Asia rallied sharply, while futures prices imply a fairly quiet day on Wall Street," Mould said.
"Equity indices were only slightly down in Europe, pockets of Asia rallied sharply, while futures prices imply a fairly quiet day on Wall Street," Mould said.
Alfonso meanwhile sees the coming elections boosting private consumption and helping the economy grow. He said the planned legislated wage hike could also lift household consumption.
Alfonso meanwhile sees the coming elections boosting private consumption and helping the economy grow. He said the planned legislated wage hike could also lift household consumption.
"Actually in our house, we are we have a GDP target of 6.3% slightly below the PSA 2025, GDP target of 6.5 to 7.5 and to add to that, just this morning, the House okayed the second reading of pay raise for private minimum wage workers. So hopefully this could provide some boost in the household consumption moving forward," he said.
"Actually in our house, we are we have a GDP target of 6.3% slightly below the PSA 2025, GDP target of 6.5 to 7.5 and to add to that, just this morning, the House okayed the second reading of pay raise for private minimum wage workers. So hopefully this could provide some boost in the household consumption moving forward," he said.
-With a report from Agence France-Presse
-With a report from Agence France-Presse
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