Skip to main content

PSEi rebounds on window dressing

MONEY- stock market thumbnail © Provided by Mediamerge Corporation MONEY- stock market thumbnail

Share prices on the Philippine Stock Exchange snapped a two-day losing streak to close mostly in positive territory on Friday as fund managers went on window dressing for the first half of the year.

The benchmark PSEi gained 55.10 points or 0.71 percent to 7,843.16 at the closing bell. The broader All Shares increased by 29.38 points or 0.63 percent to 4,692.03.

"Philippine markets closed on a positive note this Friday and at the end of the first half of 2017 in a much anticipated window dressing session," Regina Capital Development Corp. business development head Luis Limlingan said.

Window dressing is a strategy used by fund managers to improve their portfolio performance by the end of the year or quarter, according to Investopedia.

Eagle Equities Inc. President Joseph Roxas also noted that window dressing spurred a rally late in the session.

More than 2.071 billion shares, valued at P9.903 billion, changed hands. Decliners led advancers, 118 to 89, and 38 issues were unchanged.

Week-on-week, the PSEI added 28.99 points or 0.37 percent from 7,843.16 on June 23. Year-to-date, it surged by 1,002.53 points or 14.65 percent from 6,840.63 on December 28, the last trading day of 2016. — VDS, GMA News

Labels:

Popular posts from this blog

You can pay at a restaurant by smiling at a camera

© Provided by Engadget As easy as it is to make purchases in the era of tap-to-pay services , it's about to get easier still. Alipay (which handles purchases for Chinese shopping giant Alibaba) has launched what it says is the first payment system that uses facial recognition to complete the sale. If you visit one of KFC's KPRO restaurants in Hangzhou, China, you can pay for your panini or salad by smiling at a camera-equipped kiosk -- you need to verify the purchase on your phone, but you don't have to punch in digits or bring your phone up to an NFC reader. The system (Smile to Pay) is purportedly resistant to spoofing with photos and other tricks. It relies on both depth-sensing cameras and a "likeness detection algorithm" to make sure it's really you. Reportedly, the technology is good enough that it can accurately identify people even when they're disguising themselves through makeup or wigs. You shouldn't have to worry about someone buying ...
Read more

Cimatu warns miners: Don’t befoul watersheds, forests, aquatic resources

© Provided by Mediamerge Corporation Newly-appointed Environment and Natural Resources Secretary Roy Cimatu poses for a photo before being sworn into office by President Rodrigo Duterte ahead of the 15th Cabinet meeting in Malacañang on Monday, May 7, 2017. Robinson Niñal/PPD Environment Secretary Roy Cimatu on Tuesday warned mining firms to observe responsible mining and avoid destructive practices or face sanctions His pronouncement came in response to President Rodrigo Duterte's second State of the Nation Address, in which the chief executive emphasized mining's impact on the environment. "I know for a fact that in a number of cases, weak and irresponsible mining practices result [in] environmental destruction—contaminating farmlands and poisoning our rivers and seas," Cimatu said in a statement. "Miners better refrain from despoiling our watersheds, forests and aquatic resources," he added. Cimatu said the Department of Environment and Natural Res...
Read more

DOF opposes tiered approach to tax on sugary drinks

© Provided by Mediamerge Corporation MONEY- Tax thumbnail The Department of Finance (DOF) is not amenable to Senator Juan Edgardo Angara's suggestion to implement the proposed levy on sugar sweetened beverages via a three-tier system. "We oppose the tiered approach. Meaning 'yung first seven grams will be tax free and then after that would be taxable," Finance Undersecretary Karl Chua said during the Economic Journalists Association of the Philippines (EJAP) Economic Forum in Manila on Friday. Chua note the tiered approach may compel manufacturers to come up with smaller packaging. "So you can drink three of them with no taxes," the Finance official said. It will defeat the purpose of imposing excise tax on sugary drinks as a health measure, he added. During deliberations on the comprehensive tax reform bill, Angara floated the idea of implementing the excise tax on sugar sweetened beverages under a three-tier system to incentivize those who manufactu...
Read more