Banking stocks push PSEi higher

The benchmark Philippine Stock Exchange Index (PSEi) extended gains through Thursday after large banking stocks pushed higher.

The PSEi ended the session up 1.28 percent, or 92.62 points, to 7,307.75 while the boarder all shares index added 1.05 percent, or 40.2 points, to 3,870.11.

Gains came even as new COVID-19 cases hovered near recored highs and a report from Fitch Ratings that suggested mounting pressure on central banks, including the Bangko Sentral ng Pilipinas, to also begin monetary tightening given plans by the US Federal Reserve to raise interest rates.

For BDO Unibank Inc. chief strategist Jonathan Ravelas, the PSEi remains inside a tight range from 7,000-7,300. He said investors should be wary of further downside risk should the benchmark measure breakdown below 6,950.

On Thursday, the financial subsector rose 1.75 percent while mining and oil went up 2.24 percent.

The services and industrial subindices also gained 1.55 percent and 1.38 percent, respectively, followed by holding firms, up 0.93 percent, and property, up 0.59 percent.

Trading volume moved higher on Thursday with 1.5 billion shares valued at P7.2 billion changing hands.

PSE data showed 131 advancers against 60 losers while 50 companies closed unchanged.

Monde Nissin Corp. was the most actively traded stock during the session as it jumped 4.28 percent to P16.58 per share.

It was followed by Metropolitan Bank & Trust Co., up 2.6 percent to P59.20; PLDT Inc., up 2.09 percent to P1,904; Bank of the Philippine Islands, up 1.32 percent to P96.20; and BDO Unibank Inc., up 2.29 percent to P129.70 per share.

Other active names were AC Energy Corp., up 5.78 percent to P9.52; Solar Philippines Nueva Ecija Corp., flat at P1.42; SM Investments Corp., flat at P950; Ayala Land Inc., up 0.56 percent to P35.80; and Jollibee Foods Corp., up 3.32 percent to P230.60 per share.