PH equities open 2023 in the green

The benchmark Philippine Stock Exchange index (PSEi) ended higher on first trading day of 2023 as investors welcomed the new year with optimism despite the slower growth outlook.

The PSEi rose 0.30 percent, or 19.62 points, to 6,586.01 by the closing bell on Tuesday while the broader All Shares index added 0.42 percent, or 14.66 points, to 3,476.70.

Trading volume remained weak, with 2.1 billion shares valued at P3.43 billion changing hands. Stock exchange data showed foreigners were net sellers to the tune of P326.4 million.

A recent Moody’s Analysts report showed the Philippine economy would grow by 6.4 percent this year, outpacing neighbors such as Vietnam and Singapore.

Investors also digested new government data showing the national debt rose by 0.02 percent to P13.64 trillion as of November last year.

Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Tuesday the market was also taking its cue from external developments.

“Philippine shares started the year on a high note, brushing off the specters of 2022 to make way for the year ahead. Investors are getting a slew of economic data in the first trading week of the year,” he said, referring to the latest jobs data in the US and Federal Open Market Committee report.

PSE subsectors were mostly higher with mining and oil taking the lead, followed by industrial, services and holding firms while property and financials pulled back.

BDO Unibank Inc. was the top traded stock as it rose 2.08 percent to P107.90. It was followed by International Container Terminal Services Inc., which declined 1 percent to P198.

There were 94 advancers against 89 losers while 50 companies closed unchanged.

—Miguel R. Camus INQ