IMF prognosis sends PSEi swinging above 7,100

Shares were mostly higher on Wednesday as the benchmark index rose over 100 points after the International Monetary Fund (IMF) improved its growth outlook for the Philippines despite the threat of higher consumer prices.

By the closing bell, the Philippine Stock Exchange Index (PSEi) jumped 1.49 percent, or 104.68 points, to 7,142.42 while the broader all-shares index added 0.91 percent, or 34.21 points, to 3,777.13.

The market was propped up by an IMF report upgrading the Philippine growth outlook for 2022 to 6.5 percent from 6.3 percent.

Property stocks, banks and holding firms were among the top active gainers during the session. The broader market volume, however, remained relatively thin with nearly 800 million shares valued at P4.8 billion changing hands.

The PSEi’s advance moved it closer to the 7,200 near-term resistance. Initial support would be found near the 6,900 level, BDO Unibank Inc. chief strategist Jonathan Ravelas said in a recent interview.

Foreign buyers were back on Wednesday with net purchases of P585.78 million, PSE data showed.

Overall, there were 98 advancers against 78 losers while 54 companies closed unchanged.

International Container Terminal Services Inc. was the most actively traded on Wednesday as it added 2.76 percent to P231 per share.

It was followed by BDO Unibank Inc., up 2.08 percent to P132.50; Bank of the Philippine Islands, flat at P99.80; SM Investments Corp., up 0.63 percent to P877; and PLDT Inc., up 0.79 percent to P1,914 per share.

Other active names were Ayala Land Inc., up 4.71 percent to P35.60; Converge ICT Solutions Inc., down 1.96 percent to P30; SM Prime Holdings Inc., up 2.55 percent to P38.20; CTS Global Equity Group Inc., up 3.06 percent to P1.01; and Ayala Corp., up 1.17 percent to P778 per share.

—Miguel R. Camus