Bank shares lead modest PSEi rebound

The benchmark Philippine Stock Exchange Index (PSEi) saw a modest rebound on Tuesday as large banks recovered.

By the closing bell, the PSEi rose 0.25 percent, or 14.79 points, to 5,847.37 while the broader All Shares index added 0.11 percent, or 3.34 points, to 3,152.44. Market volume also pushed higher with 906.4 million shares valued at P4.22 billion changing hands while net foreign selling persisted to the tune of P226.3 million.

Local shares gained as investors weighed the release of new economic data.

The Philippine Statistics Authority said the trade gap widened to $6 billion last August while foreign direct investments fell for a third-straight month to $460 million in July.

Regional indices were mostly lower ahead of the release US inflation data on Wednesday.

Financials led PSE subsectors with a gain of 1.24 percent, which was lifted by BDO Unibank Inc. and Bank of the Philippine Islands.

Industrial and holding firms gained 0.32 percent and 0.31 percent while property, services and mining and oil retreated. BDO Unibank Inc. was the top traded stock as it jumped 3.33 percent to P114.80 per share. It was followed by Ayala Corp., down 2.21 percent to P596.50; SM Investments Corp., down 0.13 percent to P759; International Container Terminal Services Inc., up 0.28 percent to P178; and Ayala Land Inc., down 1.3 percent to P22.70.

Bank of the Philippine Islands rose 0.43 percent to P93.35; SM Prime Holdings Inc., down 0.48 percent to P31; Globe Telecom, up 2.76 percent to P2,230; Universal Robina Corp., up 1.28 percent to P110.40; and Jollibee Foods Corp., up 2.19 percent to P233 per share.

Overall, there were 93 losers against 84 advancers while 42 companies closed unchanged, data from the PSE showed.

—Miguel R. Camus INQ