Wall Street powers PSEi after pushing aside Omicron worries

Philippine shares followed Wall Street higher on Thursday, ending a three-day losing streak.

The benchmark Philippine Stock Exchange Index (PSEi) jumped 1.81 percent, or 128.86 points, to 7,248.05 while the broader all-shares index was up 1.09 percent, or 41.23 points, to 3,838.45.

“Philippine shares made a complete turnaround from yesterday’s selling, closing broadly higher as investors momentarily brushed aside fears from the spreading [Omicron] variant,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

“Investors also cheered positive economic data and the White House saying it was resuming talks on a major social spending bill with Senator Joe Manchin who is crucial to passing the legislation,” he added.

All PSE subsectors closed positive on Thursday with holding firms and property leading the way with gains of 2.63 percent and 2.19 percent each.

Mining and oil rose 1.28 percent, financials, up 0.82 percent, while services and industrial added 0.66 percent and 0.67 percent, respectively.

Trading volume trended lower with 851.1 million shares valued at P4.61 billion changing hands while foreigners were net buyers to the tune of P282.34 million.

Data from the PSE showed 115 advancers against 58 decliners while 49 companies closed unchanged.

Metropolitan Bank & Trust Co. was the most actively traded as it jumped 3.58 percent to P55 per share.

It was followed by AC Energy Corp., up 4.72 percent to P11.10; Monde Nissin Corp, up 0.5 percent to P15.98; Megaworld Corp., up 3.92 percent to P3.18; and Ayala Land Inc., up 3.82 percent to P35.30 per share.

—MIGUEL R. CAMUS