PSEi rallies as Ukraine, Russia seek diplomatic opening to end war
Philippine shares saw a strong rebound on Thursday as domestic equities tracked overseas markets higher on hopes a peaceful resolution to the Russian invasion of Ukraine could be attained.
The benchmark Philippine Stock Exchange index (PSEi) jumped 1.93 percent, or 134.92 points, to 7,124.80 while the broader all-shares index added 1.38 percent, or 51.47 points, to 3,783.82.
The measure was lifted by billionaire Enrique Razon Jr.’s International Container Terminal Services (ICTSI), SM Investments Corp. and major banks, while mining stocks continued to correct from their war-fueled price surge.
Investors picked up bargain stocks amid reports overseas that Ukraine was open to some of Moscow’s demands to end the Russian invasion.
Oil prices also fell after the United Arab Emirates indicated it would increase oil production and would urge the Organization of the Petroleum Exporting Countries to increase supply.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said investors were also anticipating the release of US inflation data on Thursday evening as the US Federal Reserve moved closer to a potential interest rate increase to cool rising consumer prices.
The PSE mining and oil subindex fell 1.65 percent on Thursday, while holding firms and services jumped 2.94 percent and 1.83 percent each. Industrial stocks also added 1.81 percent, followed by financials, up 1.47 percent, and property, up 0.25 percent.
A total of 3.35 billion shares valued at P7.59 billion changed hands, while foreign buyers purchased a net amount of P504.74 million.
Advancers outpaced decliners, 108 to 80, while 47 companies closed unchanged.
ICTSI was the most actively traded on Thursday as it rallied 3.56 percent to P233 per share.
It was followed by SM Prime Holdings Inc., up 1.35 percent to P37.50; Ayala Land Inc., down 1.34 percent to P36.70; SM Investments Corp., up 4.25 percent to P908; and Nickel Asia Corp., down 1.63 percent to P8.43 per share.
Rounding out the list of heavy movers were Universal Robina Corp., down 0.54 percent to P110.90; Metropolitan Bank & Trust Co., up 2.42 percent to P55.05; BDO Unibank Inc., up 1.20 percent to P126.90; Bank of the Philippine Islands, up 1.88 percent to P95; and Converge ICT Solutions Inc., flat at P24 per share.
