Upbeat Wall Street brings good tidings to PH equities
The Philippine Stock Exchange Index (PSEi) once again benefited from the Wall Street rally, gaining further strength to end at the 6,700 level on Monday.
The benchmark PSEi climbed 0.57 percent, or 38.18 points, to close at 6,737.84 while the wider All-Shares Index was up 0.47 percent, or 16.71 points, to end at 3,580.87.
“Following the US rally on Friday, Philippine shares rose once again, starting another positive week as investors celebrated signs that inflation may be peaking,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Claire Alviar, Philstocks Financial, Inc. assistant manager for research and online engagement, said net foreign buying amounting to P360.11 million had also “helped lifting the index.”
“As the market breached and managed to stay above the 6,600 levels, some investors are accumulating at that level, especially those undervalued stocks with good earnings in the first semester,” she added.
All subsectors ended in the green, except for industrial and services indices which fell by 0.01 percent and 0.67 percent, respectively.
Market breadth
About 1.03 billion shares valued at P5.49 billion were traded. Winners outpaced losers, 101-89, while 48 shares ended unchanged.
Shares of conglomerate SM Investments Corp., the most actively traded, were up 2.02 percent to P860 each.
This was followed by: Converge ICT Solutions, down 3.55 percent to P18.50; Ayala Land Inc., up 2.11 percent to P29.10; Semirara Mining and Power Corp., up 3.65 percent to P42.55; Globe Telecom, up 3.57 percent to P2,320 following the recent announcement of its tower sale and leaseback deals; and Ayala Corp., up 2.32 percent to P750 even after Fernando Zobel de Ayala took a temporary medical leave of absence as vice chair, president and CEO of the conglomerate.
Other active names were: BDO Unibank, up 1.44 percent to P120; SM Prime Holdings, down 0.91 percent to P38.10; Jollibee Foods Corp., up 0.52 percent to P233.20; and Security Bank, up 1.05 percent to P87 each. INQ
