PH stocks rise on US infra deal

The local stock barometer ended the week on an upbeat note as a bipartisan deal on new US infrastructure spending boosted risk-taking across regional markets.

The Philippine Stock Exchange index (PSEi) gained 64.51 points or 0.94 percent to close at 6,950.51.

For the week, the PSEi managed to advance by 99.13 points or 1.44 percent.

“Philippine shares made another climb towards the 7,000 level after the new infrastructure framework drafted by a partisan group of US senators roused the market and after the conclusion of the latest BSP (Bangko Sentral ng Pilipinas) meeting,” said Luis Gerardo Limlingan, managing director at stock brokerage Regina Capital Development.

As widely expected by the market, the BSP kept its key interest rates unchanged at Thursday’s monetary meeting.

Limlingan said equity markets had been boosted by the new $559-million infrastructure spending deal announced by US president Joe Biden, as agreed upon by the bipartisan body of US Senators.

Investors also welcomed the BSP’s signal that it would maintain an accommodative policy stance for as long as needed.

All counters edged higher, led by the services and mining/oil subindices, which both rose by over 1 percent.

Advancers beat decliners 118 to 88, while 44 stocks were unchanged.

Value turnover amounted to P6.55 billion. Domestic hands supported the market while foreigners were mostly net sellers, resulting in a net outflow of P228.39 million.

ICTSI advanced by 3.14 percent, while Megaworld added 2.53 percent.

SM Prime, Jollibee, PLDT and Globe Telecom all rose by over 1 percent. —Doris Dumlao-Abadilla