PSEi Now Sideways

The PSEi moved sideways, marginally increasing by 8.89 points, or +0.15%, to close at 5,832.83 as investors remained on the sidelines due to the shortened work week.

All sector indices ended in the green led by services (+0.53%), financials (+0.39%) and holding firms (+0.33%). Market breadth was positive with 92 advances outnumbering 60 declines with 51 stocks unchanged. Value turnover was thin at Php3.49 billion.

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The Bangko Sentral ng Pilipinas expects foreign direct investments to increase for 2013. The optimism is supported by high economic growth, benign inflation and expectations of an upgrade to investment grade next year.

According to reports by the Board of Investments and Philippine Economic Zone Authority, a number of foreign firms engaged in power, electronics and business process outsourcing have signified interest to put up operations in the country. FDI is an important investment indicator as these funds generate jobs and stay in the country for a long time.

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