PLDT rebounds from heavy beating over fund debacle

The Philippine Stock Exchange index (PSEi) continued to recover on Wednesday, mainly as PLDT Inc. bounced higher after days of heavy selling.

The PSEi rose 0.97 percent, or 62.68 points, to 6,520.80 while the broader All Shares index added 1.05 percent, or 35.43 points, to 3,419.83.

A total of 4.36 billion shares valued at nearly P6 billion changed hands. Foreigners also ended as net buyers to the tune of P158.45 million.

The PSEi was lifted by gains at PLDT, which rallied by more than 5 percent. The telco giant was battered in recent sessions after announcing a P48-billion capital spending budget overrun last Friday.

PLDT held a briefing on Wednesday to assure analysts there was no fraud involved. PSE president Ramon Monzon also said they found no evidence of insider trading after investigating the unusual selloff of PLDT shares an hour before the overspending was disclosed to the public.

Monzon clarified, however, the investigation was ongoing and they had expanded the scope of the probe to cover PLDT’s trading history going back to the start of November this year.

PLDT was the top traded stock for a third-straight session as it jumped 5.04 percent to P1,250 per share.

It was followed by Alliance Global Group Inc., up 3.64 percent to P11.40; BDO Unibank Inc., up 1.49 percent to P109; International Container Terminal Services Inc., down 3.97 percent to P195.90; and Ayala Corp., down 0.5 percent to P699 per share.

Bank of the Philippine Islands was up 2.55 percent to P100.50; Jollibee Foods Corp., down 0.35 percent to P230; Apollo Global Capital, Inc., up 33.33 percent to P0.036; SM Prime Holdings Inc., up 2.34 percent to P35; and DMCI Holdings Inc., up 3.12 percent to P11.24 per share.

Overall, there were 103 advancers against 68 losers while 46 companies closed unchanged, data from the stock exchange showed. INQ