The benchmark Philippine Stock Exchange index (PSEi) extended gains on Wednesday after the government released data showing a narrower budget deficit in September.
The PSEi rose 0.79 percent, or 48.12 points, to 6,121.53 while the broader All Shares index added 0.31 percent, or 10.15 points, to 3,243.27.
The Bureau of the Treasury said the budget deficit was slightly down to P179.8 billion from P180.9 billion. (See related story on page B1)
“[T]he economy reopened further toward greater normalcy that fundamentally boosted tax revenue collections on a year-on-year basis, while also somewhat reducing the government’s COVID-related expenditures since there are no more large-scale lockdowns so far this year, compared to pockets of hard lockdowns in 2021,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
PSE data showed 311.25 million shares valued at P3.72 billion changing hands while foreigners were net sellers to the tune of P25.5 million.
Subsectors were mixed, with mining and oil and financials falling lower as services, holding firms, industrial and property stocks rose.
International Container Terminal Services Inc. was the top traded stock as it climbed 3.5 percent to P171.70 per share.
It was followed by Ayala Land Inc., up 0.76 percent to P26.60; Semirara Mining and Power Corp., down 10.17 percent to P37.10; SM Investments Corp., up 2.5 percent to P799.50; and SM Prime Holdings Inc., down 0.15 percent to P32.75 per share. Overall, there were 90 losers against 85 advancers while 51 companies closed unchanged, data from the stock exchange showed.