PSEi shrugs off regional weakness, technical glitch

MANILA, Philippines - Share prices managed to rise yesterday as investors ignored the regional weakness and the technical glitch that delayed the start of trading.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,893.98, up 34.69 points, or 0.51 percent, while the broader All Shares index rose 7.58 points, or  0.19 percent, to settle at 3,972.44.

Joseph Roxas, president of Eagle Equities said “the market bucked regional trend.”

The market also experienced a technical glitch which delayed the start of trading.

Despite the prevailing market volatility, PSE president Hans Sicat said there may still be four to five companies that would proceed with their planned initial public offerings.

“It’s hard to say that the Fed is the only one that caused it. One thing that’s unusual, especially at the beginning of the third quarter, that we saw so many global market events that affected the views of traders, issuers and investors. Remember in August it was Greece, and then the China devaluing their currencies, and of course you have the debate on whether the fed will increase or not increase. In our region, we’re looking more on effect of slowing growth in China to Southeast,” Sicat said.

Volume turnover rose to P8.52 billion. Decliners edged out advancers, 96 to 80, while 36 stocks were unchanged.