PSEi closes up 0.62% as banking stocks perform strongly
Banking stocks lifted the Philippine Stock Exchange Index (PSEi) ahead of an anticipated US Federal Reserve decision on the rollback of stimulus measures, which would signal an increase in volatility in early 2022.
By the closing bell, the PSEi rose 0.62 percent, or 44.38 points, to 7,241.99 while the broader all-shares index added 0.23 percent, or 8.9 points, to 3,841.69.
The benchmark measure was boosted by companies such as BDO Unibank Inc. and Metropolitan Bank & Trust Co. even as investors in the region grew more risk averse amid news of the Omicron coronavirus variant’s spread and the results of the US Fed meeting on Wednesday.
Omicron scare
Markets around the region were weighed down by UK Prime Minister Boris Johnson’s announcement that at least one person in the UK died after contracting Omicron.
The previous day, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the country’s foreign debt remained manageable, meaning the country remained in strong position to service borrowings in the medium- to long-term.
The strong performance of banking stocks on Tuesday pushed up by the PSE financial subsector by 1.32 percent. Holding firms also gained 1.5 percent while all other subindices closed in the red.
Article continues after this advertisementA total of 1.33 billion shares valued at P7.6 billion changed hands while foreigners bought up local stocks with net purchases of P457.9 million.
Article continues after this advertisementData from the PSE also showed 97 losers against 85 gainers while 55 companies closed unchanged.
Monde Nissin Corp. was the most actively traded on Tuesday as it shed 0.12 percent to P16.10 per share.
It was followed by BDO Unibank Inc., up 2.01 percent to P127, Metropolitan Bank & Trust Co., up 2.46 percent to P52.15, AC Energy Corp., down 2.57 percent to P10.60, and PLDT Inc., down 1.27 percent to P1,708 per share.
Other active names were Universal Robina Corp., down 0.93 percent to P127.30; Bank of the Philippine Islands, up 1.39 percent to P94.80; Ayala Land Inc., flat at P36; International Container Terminal Services Inc., flat at P195.50, and Globe Telecom, up 0.53 percent to P3,418 per share.
