PSEi sets best finish in nearly 4 months | Inquirer Business
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PSEi sets best finish in nearly 4 months

/ 05:20 AM October 22, 2020

After 28 consecutive days of dumping local equities, foreign investors started to pick up blue chip stocks on Wednesday, allowing the local stock barometer to break key barriers and zoom into the 6,200 mark.

The Philippine Stock Exchange index (PSEi) rose by 165.88 points or 2.71 percent to close at 6,278.59, tracking mostly buoyant markets in the region. This marked the PSEi’s best finish in around four months.

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In the past three days, the market’s rally has been driven by optimism on economic recovery following the easing of lockdown restrictions.

BDO Unibank strategist Jonathan Ravelas said the PSEi might have the momentum to try the 6,300 levels in the near term.

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“Positive sentiment carried over to the Philippine market after negotiations on a new round of fiscal stimulus looked like making some progress with the Trump administration and House Democrats set to talk again,” said Luis Gerardo Lim­lingan, managing director at Regina Capital Development.

All counters ended higher, led by the financial counter, which rose by 4.9 percent. The mining/oil and property counters both added over 3 percent.

The holding firm counter also gained 2.3 percent.

Value turnover rose to P10.52 billion. Foreign investors turned net buyers, resulting in a net inflow of P343.24 million.

There were 163 advancers that edged out 49 decliners, while 39 stocks were unchanged.

Investors snapped up shares of Southeast Asia’s oldest bank, BPI, which rallied by 9.86 percent. Tycoon Andrew Tan-led conglomerate AGI likewise rose by 6.67 percent.

Security Bank rose by 5.15 percent, while Ayala Corp. advanced by 4.2 percent.

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Ayala Land, BDO, SM Prime, PLDT and Megaworld all added over 3 percent.

Metrobank gained 2.06 percent, while GT Capital, SM Investments and URC all added over 1 percent.

Jollibee and Globe both rose by less than 1 percent.

Outside the PSEi, notable gainers included PXP Energy, which surged by 11.87 percent still on the back of the resumption of oil exploration in dispu­ted territories.

Meanwhile, LTG and Metro Pacific failed to ride on the day’s upswing, respectively declining by 0.89 percent and 1.5 percent. —DORIS DUMLAO-ABADILLA

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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