PH shares jump as Ukraine, Russia discuss peace anew

Philippine shares were mostly higher on Wednesday as investors cheered the progress in the peace talks to end the Russian invasion of Ukraine.

The benchmark Philippine Stock Exchange (PSE) index rose 0.73 percent, or 51.93 points, to 7,167.02 while the broader all-shares index added 0.64 percent, or 24.22 points, to 3,794.75.

“Philippine shares continued latching onto the green region ahead of the quarter end as investors monitored ceasefire negotiations in Europe,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Wednesday.

All PSE subsectors ended higher on Wednesday. Services and mining and oil stood out with gains of 1.39 percent and 1.09 percent, respectively.

‘Cautiously optimistic’

First Metro Investment Corp. and the University of Asia and the Pacific said in its latest edition of “The Market Call” they were also “cautiously optimistic” due to the positive impact of election spending and robust domestic investor participation.

“Despite cautious foreign investors, local investors appear ready to take up any slack as seen in the past months, bolstered by strong earnings growth in [the first quarter of 2022]. Thus, we remain cautiously optimistic and … on the lookout for undervalued stocks,” it said.

A total of 719.59 million shares valued at P6.86 billion changed hands while foreign sellers edged out buyers by P48.9 million.

There were 106 gainers versus 81 losers while 44 companies closed unchanged.

SM Investments Corp. was the most actively traded on Wednesday as it gained 0.22 percent to P898 per share. It was followed by Converge ICT Solutions Inc., up 2.05 percent to P29.80; BDO Unibank Inc., up 0.76 percent to P133; SM Prime Holdings Inc., down 0.13 percent to P37.90; and International Container Terminal Services Inc., up 2.78 percent to P222 per share.

Other large movers were Ayala Land Inc., up 0.99 percent to P35.60; Universal Robina Corp., down 1.65 percent to P119; Metropolitan Bank & Trust Co., up 2.30 percent to P55.65; Robinsons Land Corp., up 2.50 percent to P20.50; and PLDT Inc., down 0.05 percent to P1,840 per share.