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Investors cheer Marcos’ economic team

05:16 AM May 27, 2022

The benchmark Philippine Stock Exchange Index (PSEi) extended gains on Thursday as the incoming Marcos administration revealed key members of its economic team.

By the closing bell, the PSEi gained 0.72 percent, or 47.76 points, to 6,645.52 while the broader All-Shares Index was up 0.41 percent, or 14.61 points, to 3,568.65.

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The market on Thursday cheered the decision of Bangko Sentral ng Pilpinas (BSP) Governor Benjamin Diokno to lead Marcos’ economic team as its Secretary of Finance. BSP Monetary Board member Felipe Medalla will take over the rest of Diokno’s unexpired term.

Marcos also chose former University of the Philippines president Alfred Pascual to head the Department of Trade and Industry. Earlier, respected economist and Philippine Competition Commission chair Arsenio Balisacan confirmed he would return to head the National Economic and Development Authority.

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The members of the economic team will lead efforts to tackle the country’s mounting debt amid a high-inflation environment that threatens to slow growth.

Meanwhile, PSE subsectors were mixed as the financials, holding firms, services and industrial counters closed higher while property as well as mining and oil counters sank.

A total of 839.7 million shares valued at over P6 billion changed hands. Gainers slightly outnumbered decliners, 96-90, while 44 companies closed unchanged.

Converge ICT Solutions Inc. was the most actively traded company on Thursday as it gained 2.16 percent to P26.05 per share.

It was followed by: SM Prime Holdings, down 0.81 percent to P36.70; Monde Nissin Corp., up 4.31 percent to P16.46; Ayala Land Inc., down 0.88 percent to P28.05; and BDO Unibank Inc., up 0.41 percent to P123.20.

Other large movers were International Container Terminal Services Inc., up 4.46 percent to P220; Jollibee Foods Corp., up 1.24 percent to P213; SM Investments Corp., down 1.42 percent to P835; Bank of the Philippine Islands, up 0.73 percent to P97; and PLDT Inc., down 0.31 percent to P1,944 per share.

—Miguel R. Camus

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