PSEi snaps long streak on MSCi rebalancing

MANILA, Philippines — The benchmark Philippine Stock Exchange index snapped out of its losing streak yesterday, gaining 36.28  points, or 0.47 percent, to settle at 7,761.29.

Likewise, the broader All Shares gauge was also positive at 4,790.05, up 24.62 points or 0.51 percent.

Most of the sectors ended in the green as well except for the financials and holding firms.

“The MSCi’s rebalancing actually ended up leading the index to close in the green, up 36.28 points to close at 7,761.29. As expected, volume was high at P18 billion,” said Papa Securities analysts Gabriel Perez.

However, he noted that foreign selling remained high at P600 million.

“With MSCi out of the way, issue to look now would be how US markets end up faring tonight, especially with how they’re coming back from the Memorial Day holiday,” Perez said.

Luis Limlingan of Regina Capital also noted that MSCI rebalancing of portfolio.

“Philippine shares closed in the green as investors paid attention to the latest MSCI rebalancing and aligned their respective portfolios. With US markets closed on May 27 in observance of Memorial Day, cues were limited again. The US futures markets were up in Tuesday’s session. Investors worries were also allayed when President Donald Trump softened his trade war rhetoric in his recent visit to Japan.” Limlingan said.