Potential easing of virus curbs pushes PSEi to swing past 7,500
The benchmark Philippine Stock Exchange Index (PSEi) closed above 7,500 on Wednesday as investors anticipated more relaxed virus restrictions in the coming weeks while the fourth quarter corporate earnings season kicked off.
The PSEi jumped 0.59 percent, or 44.25 points, to 7,502.48 while the broader all-shares index gained 0.57 percent, or 22.40 points, to 3,951.58.
Bets flowed into the market as investors weighed the “possibility of having Metro Manila under alert level 1 by March,” Regina Capital Development managing director Luis Gerardo Limlingan said.
“Philippine shares rode on the rebound of Wall Street as investors continued to bargain hunt ahead of Thursday’s key [US consume price index] report,” he added.
The corporate earnings season is also underway, with Globe Telecom reporting that full-year 2021 core profits had jumped 9 percent to P21.2 billion on service revenues of P151.5 billion, up 4 percent.
Globe, which sank 0.72 percent to P3,032 per share, declared a P3.6-billion cash dividend or P27 per common share payable on March 10, 2022, to shareholders on record as of Feb. 22.
Article continues after this advertisementPSE subsectors were mostly higher, save for the 0.53-percent drop for holding firms.
Article continues after this advertisementProperty jumped 2.35 percent, followed by services, up 1.31 percent, mining and oil, up 0.49 percent, industrial, up 0.35 percent, and financials, up 0.20 percent.
A total of 975.42 million shares valued at P8.41 billion changed hands while foreigners bought up shares via net purchases worth P428.86 million.
There were 112 advancers against 89 decliners, while 58 companies closed unchanged.
Ayala Land Inc. was the most active company during the session as it bounced 2.85 percent to P37.85 per share.
It was followed by BDO Unibank Inc., up 1.85 percent to P138; Bank of the Philippine Islands, down 0.79 percent to P101.10; Monde Nissin Corp., up 3.30 percent to P16.26; and International Container Terminal Services Inc., up 2.31 percent to P221 per share.
Other active names were Solar Philippines Nueva Ecija Corp., down 4.13 percent to P2.09; Ayala Corp., up 1.37 percent to P890; Converge ICT Solutions Inc., up 1.58 percent to P29; PLDT Inc., up 2.60 percent to P1,934, and Globe Telecom.
