PSEi ends higher on Opec move to cut output

AFP FILE PHOTO

The benchmark Philippine Stock Exchange index (PSEi) rose Thursday, bolstered by positive sentiments across the region after after a major deal was sealed to cut global oil output.

The PSEi, which briefly went above the 6,900 level, was up 1.23 percent or 83.67 points to 6,864.87 at Thursday’s close, also as investors snapped up shares ahead of the busy Christmas season, a period marked by increased spending.

The rest of the region was higher Thursday after the Organization of Petroleum Exporting Countries (Opec) agreed to cut production by 1.2 million barrels a day.

The Philippines’ broader all-shares index was also up 0.92 percent to 4,158.53.

All save for the industrial sub-sector ( down 0.18 percent), indices tracked by the PSE ended positive. Gainers were led by financials, up 1.99 percent; property, up 1.88 percent; services, up 1.38 percent, and holding firms, up 1.07 percent.

A total of 2.3 billion shares valued at P9.36 billion changed hands Thursday. There were 121 gainers against 64 losers while another 37 closed unchanged.

Foreign investors were also net buyers. Data from the PSE showed P5.67 billion in foreign buying for a net gain of P141 million.

Ayala Land Inc. was the most actively traded company as it jumped 1.52 percent to P33.40 a share. This was followed by SM Investments Corp., up 0.96 percent to P630; PLDT Inc., up 2.69 percent to P1,300; Universal Robina Corp., up 0.18 percent to P170.20, and GT Capital Holdings Inc., up 0.95 percent to P1,170 a share.