PSEi edges past 6,300 as companies crush inflation monster
The benchmark Philippine Stock Exchange index (PSEi) pushed past the 6,300 level on Monday as investors digested the latest batch of corporate earnings from some of the country’s top conglomerates.
By the closing bell, the PSEi added 1.08 percent, or 67.99 points, to 6,354.76 while the broader All Shares index rose 0.71 percent, or 23.70 points, to 3,352.59.
Conglomerates GT Capital Holdings and Ayala Corp. announced better earnings, showing further evidence that local companies successfully managed challenges brought about by high inflation during the third quarter of the year.
Holding firms (+1.41 percent) was the top gaining subsector on Monday. It was followed by industrial (+1.25 percent), property (+1.2 percent), financials (+0.59 percent) and services (+0.28 percent) while mining and oil fell (-0.46 percent).
SM Prime Holdings Inc. was the top traded stock as it gained 1.43 percent to P35.50 per share.
It was followed by BDO Unibank Inc., up 0.52 percent to P134.10; SM Investments Corp., up 2.06 percent to P842; AbaCore Capital Holdings Inc., up 3.59 percent to P2.60; and Jollibee Foods Corp., up 3.94 percent to P247.80 per share.
