Local—not foreign—investors rally PSEi in remarkable trade

The benchmark Philippine Stock Exchange Index (PSEi) pushed higher on Wednesday due to aggressive buying from local investors.

By the closing bell, the PSEi jumped 2.33 percent, or 144.53 points, to 6,341.24 while the broader all-shares index rose 1.68 percent, or 64.61 points, to 3,899.39.

The rally on Wednesday mystified traders earlier in the session, with some anticipating that foreign buyers had returned in force.

But data from the PSE showed that foreigners remained net sellers to the tune of P6.5 billion.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said the stock market was also propped up by “early window dressing for May.”

He said investors likely placed bets ahead of the potential easing of COVID-19 restrictions next month.

The positive market sentiments were seen across all subsectors, with property and holding firms rising the most by 3.02 percent and 2.18 percent, respectively.

A total of 1.26 billion shares valued at P13.1 billion changed hands on Wednesday. There were 140 gainers versus 74 losers while 47 companies closed unchanged.

Ayala Land Inc. was the most actively traded company as it ended the session higher by 2.03 percent to P32.65 per share.

It was followed by Aboitiz Power Corp., down 2.38 percent to P20.50; BDO Unibank Inc., up 0.3 percent to P101.40; Puregold Price Club Inc., up 7.58 percent to P35.50, and International Container Terminal Services, up 5.51 percent to P145.60 per share.