PSEi climbs to best finish yet this year
The stock barometer flirted with the 7,400 mark on Monday to finish at its best level so far this year ahead of the country’s third quarter economic report and the MSCI rebalancing, while more corporate earnings reports continued to trickle in.
The main-share Philippine Stock Exchange index (PSEi) added 55.45 points, or 0.76 percent, to close at 7,396.22.
Buoyed by P908.47 million worth of net foreign buying, the main index reached an intraday high of 7,424.94 before paring gains at close.
“Philippine shares continue to be bought up, closing at a new year-to-date high, with the revision of second quarter GDP (gross domestic product) to 12 percent and the continued earnings releases,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“In addition, positioning is being made ahead of any announcements from the MSCI, and third quarter GDP which will also be out this week,” Limlingan said.
Revised Q2 GDP
The Philippine Statistics Authority said on Monday the second-quarter GDP growth was slightly higher at 12 percent than the earlier estimate of 11.8 percent announced by the government in August.
Article continues after this advertisementIn a text message, National Statistician Dennis Mapa said the revised second-quarter figure remained the highest quarterly growth rate since the fourth quarter of 1988. The third quarter GDP will be released today, Nov. 9.
Article continues after this advertisementThe stock market was led higher by the financial counter, which jumped by 2.23 percent, while the services and property subindices both gained over 1 percent.
The industrial counter firmed up by less than 1 percent.
On the other hand, the holding firm and mining/oil counters declined by less than 1 percent.
Value turnover for the day amounted to P8.3 billion.
There were 107 advancers that outnumbered 101 decliners, while 44 companies were unchanged.
Converge was among the notable PSEi gainers, adding 6.02 percent ahead of its third quarter earnings report.
BDO, Globe Telecom and Megaworld all added over 3 percent, while Metrobank rose by 2.24 percent.
Ayala Corp., ICTSI, BPI, AGI and Jollibee all added over 1 percent, while URC, SM Prime and Ayala Land firmed up by less than 1 percent.
On the other hand, SM Investments, the day’s most actively traded company, declined by 2.35 percent.
PLDT and AC Energy both slipped by less than 1 percent.
Outside the PSEi, newly listed AllDay pulled back by 7.79 percent.
