PSE snaps three-day losing streak
The Philippine Stock Exchange index (PSEi) found some relief on Tuesday despite the higher inflation print in November as investors hunted for bargains after three days of losses.
The benchmark PSEi climbed by 3.61 percent, or 232.25 points, to end at 6,674.38 while the broader All-Shares index climbed by 2.17 percent, or 73.79 points, to settle at 3,477.72.
“Bargain hunting after three consecutive days of decline helped lift the index,” said Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement.
Investors appeared to have shrugged off the 8-percent inflation print in November, which was higher than the 7.7 percent in October.
“Moreover, the World Bank’s upwardly revised growth outlook for Philippines this year to 7.2 percent amid the strong reopening of the economy spurred optimism,” Alviar added.
All sectors ended in the green, with holding firms and property indices leading the chart with 4.35 percent and 4.18 percent gains, respectively.
About 582.78 million shares worth P6.04 billion were traded. Winners led losers, 100-81, while 46 issues were unchanged.
BDO Unibank Inc. was the most actively traded, with shares rising by 3.62 percent to P131.60 each.
This was followed by International Container Terminal Services Inc., up 2.22 percent to P188.40; SM Investments Corp., up 5.48 percent to P943; Universal Robina Corp., up 4.15 percent to P138; Ayala Land Inc., up 2.05 percent to P29.90; and Jollibee Foods Corp., up 4.31 percent to P246.60.
