The benchmark Philippine Stock Exchange Index (PSEi) moved higher on Tuesday on positive sentiments across the region after the United States eased trade restrictions on Chinese tech giant Huawei Technologies.
By the closing bell yesterday, the PSEi gained 0.8 percent or 61.42 points to 7,721.56 while the broader all-shares index rose 0.73 percent or 34.74 points to 4,782.14.
The benchmark index was partly lifted by active trading among Philippine telcos, which would bear some of the impact from any immediate disruption to Huawei, the world’s second biggest smartphone maker and a global supplier of network equipment.
Separately, a May 17 report from Capital Economics said the Philippines would likely cut interest rates further on top of another reduction in bank reserves, which would free up liquidity to support economic expansion.
Data from the PSE showed that all sub sectors gained on Tuesday, with the industrial subindex’s 2.51 percent increase leading the way.
It was followed by mining and oil, up 1.07 percent, and holding firms, up 0.76 percent.
Trading on Tuesday, however, was relatively thin with about 750.2 million shares valued at P5.4 billion changing hands.
A total of 97 firms gained while 94 closed in the red while 45 ended unchanged.
Property giant Ayala Land Inc. was the most actively traded on Tuesday as it gained 0.84 percent to P47.90 per share.
It was followed by Ayala Corp., down 0.82 percent to P850; Jollibee Foods Corp., up 3.06 percent to P282.60; Globe Telecom, up 4.76 percent to P2,114 and International Container Terminal Services, down 3.08 percent to P135.20 a share.
Other actively traded stocks were SM Prime Holdings Inc., up 0.13 percent to P39.45; PLDT Inc., up 2.6 percent to P1,303; SM Investments Corp., up 1.98 percent to P902; Universal Robina Corp., up 3.32 percent to P158.80 and Bank of the Philippine Islands, down 0.25 percent to P80.80 a share.