Investors stockpile cheap PH shares ahead of US inflation report
Investors hunting for bargains allowed the main-share Philippine Stock Exchange index (PSEi) to record a three-day rally on Monday, prompting its return to the 6,700 territory.
The benchmark PSEi climbed by 1.66 percent, or 109.75 points, to settle at 6,715.75 while the wider All-Shares index rose by 1.12 percent, or 39.35 points, to close at 3,545.82.
Apart from bargain-hunting, the “positive spillover from the US also helped lift the market,” Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said.
“However, it was a weak rally, recording a net value turnover of P3.94 billion. This was because investors are waiting for the inflation rate in the US which may influence the decision of the Bangko Sentral ng Pilipinas at their upcoming meeting this September,” she added.
All sectors ended in the green, except for the mining and oil index which dropped by 0.04 percent. The holding firm and service indices booked the most gains at 2.03 percent and 1.86 percent, respectively.
About 639.90 million shares amounting to P4.31 billion were traded. Winners led losers, 113 to 79, while 52 issues were unchanged.
Article continues after this advertisementSM Investments Corp. was the most actively traded, jumping by 2.31 percent to P885 per share.
Article continues after this advertisementSome of the listed companies of the Ayala Group—Ayala Land Inc., Globe Telecom, Bank of the Philippine Islands and Ayala Corp.—were among the most active stocks following top honcho Fernando Zobel de Ayala’s announcement resigning from his posts to focus on his health. These companies saw their share prices increase.
Other active names were San Miguel Corp., up 0.15 percent to P98.65; SM Prime Holdings, up 0.14 percent to P36.45; Metropolitan Bank & Trust Co., up 1.89 percent to P54; Universal Robina Corp., down 0.54 percent to P128.30; and BDO Unibank, up 1.59 percent to P128.
