Stocks turnover sinks to lowest this year

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    The Philippine Stock Exchange index was up 6.62 points to 6,559.08, a 0.1 percent hike.

    The broader all shares index was up 4.28 points to 3,954.15, a 0.11 percent hike.

    Gainers edged losers 118 to 97 with 41 stocks unchanged. Trading turnover reached P5.9 billion.

    The peso closed at 48.635, down from Monday’s 48.54.

    The currency opened at 48.55 and hit a high of 48.51 and a low of 48.66. Trading turnover reached $721.9 million.

    Claire Alviar, analyst at Philstocks Financial Inc., said bargain- hunting pushed the market’s uptick Tuesday.

    “Yesterday, the market plunged and broke its 6,600 support level given the mounting COVID-19 daily cases in the Philippines. We do not see confidence in the market right now despite today’s gain since value turnover was recorded only at P5.89 billion -the lowest for this year so far,” she said.

    Alviar said Philstocks expect investors to continue monitoring the COVID-19 cases “and find a hint on what will be the decision of the government to control the spread of the cases.”

    “Market value turnover is expected to remain below year-to-date average of P11.73 billion if the current sentiment remains,” she said.

    “Meanwhile, investors are also expected to watch the Federal Reserve’s interest rate decision and outlook in the economy,” Alviar added.

    Most actively traded Dito CME Holdings Inc. was up P0.33 to P10.18. SM Investments Corp. was down P15 to P1,003. BDO Unibank Inc. was up P2.30 to P104.60. Ayala Land Inc. was down P0.15 to P35.75. SM Prime Holdings Inc. was was down P0.15 to P35.50.

    Metropolitan Bank and Trust Co. was up P0.05 to P45.50. PLDT Inc. was up P25 to P1,291.

    Premier Horizon Alliance Inc. was up P0.10 to P2.20. International Container Terminal Services Inc. was up P2.40 to P125. Universal Robina Corp. was up P3.70 to P125.50.

    A slight pullback in US bond yield supported appetite for the region’s currencies ahead of a two-day US central bank meeting ending on Wednesday where the focus will be on any comments about the run-up in yields, which have risen on bets of faster growth and inflation, Reuters reported.

    Yields on US 10-year Treasuries were trading at 1.59 percent, off 13-month highs of 1.64 percent hit on Friday. A further rise could sap appetite for higher-yielding emerging markets in Asia.

    Asian market “gains may be limited ahead of the FOMC (Federal Open Market Committee) meeting later this week,” OCBC Bank analysts said in a note.

    Following the Fed statement, the central banks of Indonesia and Taiwan will hold their policy meetings on Thursday.

    The rupiah, which edged higher on Tuesday, has lost more than 3 percent since Feb. 16, while Indonesia’s benchmark 10-year government bond yield has risen 51 basis points to 6.794 percent.

    Bank Indonesia is widely expected to keep rates unchanged, according to a Reuters poll.