Holding firms, telcos lift PSEi amid ‘Odette’ battering

Philippine shares ended the week on a high note with the help of large holding companies and telecommunications stocks while Super Typhoon “Odette” pummeled Visayas and parts of Mindanao.

By the closing bell on Friday, the Philippine Stocks Exchange index (PSEi) rose 0.89 percent, or 64.40 points, to 7,297.66 while the broader all-shares index climbed 0.4 percent, or 15.48 points, to 3,851.59. Subsectors ended mostly higher, led by holding firms, up 1.46 percent, followed by property (0.87 percent) and services (0.81 percent).

Industrial and mining and oil lost 0.02 percent and 0.57 percent, respectively.

The gains came despite the severe damage unleashed by “Odette,” which knocked out communications services and forced airlines to cancel hundreds of flights.

Cebu Pacific operator Cebu Air Inc. lost 1.34 percent to P44.15 per share, while logistics provider 2GO Group Inc. sank 1.32 percent to P7.50.

Friday also saw the listing of Solar Philippines Nueva Ecija Corp., which earlier raised P2.7 billion in an initial public offering. The company recovered from losses early in the session to close higher by 1 percent.

Meanwhile, PSE data showed 3.1 billion shares valued at P14.47 billion changing hands. Gains were supported by overseas buyers, whose net purchases reached P333.2 million.

Monde Nissin Corp. was the most actively traded as it fell 4.25 percent to P15.32 per share.