Shares in the Philippine stock market had demonstrated a downward spiral movement. They have presented this trend for the past two weeks.
Market analysts view the increasing trepidation over the outbreak of the coronavirus disease as the cause of this event.
Nonetheless, on Tuesday, March 3, 2020, the local stock market exhibited that it was able to keep itself afloat.
Market analysts believe that some fund managers contributed to this positive development, as per the news posted online by Philippine daily newspaper The Philippine Star.
These investment managers reportedly attempted to derive benefits from the latest downswing in share prices.
Besides, the Philippine Stock Exchange index (PSEi) showed that it was able to manage to help itself.
The domestic stock market benchmark increased by 41.26 points. The PSEi consequently settled at 6,790.54, as per yesterday’s figures.
Furthermore, the wider All Shares acquired 0.45 percentage points gains. These numbers translate to an increment worth 18.56 points.
All Shares closed at 4,062.25. At the height of the pandemic of the coronavirus disease, which is also known as COVID-19, most stock exchange indices demonstrated an upward movement.
But the exceptions to this trend are the services and industrial sectors. The volume of recorded trades demonstrated thinness.
This scenario was despite trading volume concluding in positive territory. P5.8 billion was the registered total value turnover.
Meanwhile, market breadth painted a positive picture. Forty-six issues presented nil modification.
Moreover, there were 82 losers, while the gainers numbered 108. Around the world, market investors are experiencing fears.
They feel afraid of a possible slowdown in the international economy.
From these capitalists’ standpoint, they believe that the coronavirus pandemic could later take a toll on corporate entities.
Christopher Mangun is the research chief at AAA Southeast Equities. He explained that yesterday, equities markets in Asia concluded on a higher note.
Mangun pointed out that these markets drew toughness from their peers in the Western hemisphere.
Nevertheless, the Nikkei 225 Stock Average ended at a lower note. This condition in the leading Japanese stock market index demonstrated investors’ apprehension.
These capitalists reportedly feel frightened that Japan might be the next country in Asia to grapple from the fast-spreading and deadly coronavirus.
They believe that the Asian economic giant would come next following China and South Korea.
Meanwhile, in the United States, the stock market indices presented a sharp recovery.
This development took place during the trading session on Monday evening. US-based investors purchased the dip.
Furthermore, they expected the stimulus from central banks to fight the economic destruction that the coronavirus has caused.
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