SHARE prices on the Philippine Stock Exchange rose for the third consecutive day on Wednesday as investors continued to hunt for bargains ahead of President Rodrigo Duterte’s second state of the nation address (SONA) next week.
The bellwether PSEi closed 19.98 points or 0.25 percent higher at 7,972.90. The wider All Shares gained 20.28 points or 0.43 percent to 4,775.96.
“The Philippine market continued its gradual bargain-hunting ahead of both the SONA and the earnings season,” Regina Capital Development Corp. said in a market report.
“The market will be looking for Duterte to give updates regarding his priorities for the development of the economy such as the infrastructure development program, his thrust to end the war on drugs, the implementation of the tax reform package to name a few,” the report said.
Bets are on that the market may be swayed to take positions on a number of issues that would either benefit or erode company earnings.
Eagle Equities Inc. President Joseph Roxas said the market was in an “up-move consolidation ahead of the SONA on Monday.”
Juanis Barredo, vice president for sales at online brokerage firm COL Financial, said the market “may start showing greater volatility” as the PSEI nears the resistance level at about 8,000.
The services sector posted the largest gain, advancing by 1.005 percent, followed by property (0.60 percent), industrial (0.54 percent), and mining and oil (0.42 percent).
The financial sector lost 0.21 percent and holding firms eased by 0.007 percent.
Consunji-led DMCI Holdings, Inc. was the biggest gainer at 3.15 percent, while Metro Pacific Investments Corp. lost 1.44 percent.
Advancers led decliners, 116 to 80, with 59 issues unchanged.