PSEi ends turbulent week up after Wall Street rallies on bank lifeline

MANILA  – Philippine stocks ended the week on a positive note as investors weighed efforts by US monetary authorities and private lenders to contain a looming banking crisis.

By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) rose 1.01 percent, or 64.81 points, to 6,469.72 while the broader All Shares index rose 0.59 percent, or 20.45 points, to 3,464.27.

“Philippine shares traded in the green after a group of banks said it would aid [US-based] First Republic with $30 billion in deposits as a sign of confidence in the banking system,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.

“The major indices were also buoyed by an announcement from Credit Suisse that it will borrow up to 50 billion francs from the Swiss National Bank,” he added.

Credit Suisse to borrow up to $54B as it seeks to calm investor fears

A total of 1.02 billion shares valued at P8.5 billion changed hands while foreigners were net buyers of an amount totaling P14.81 million, stock exchange data showed.

Subsectors on green

All PSE subsectors ended in positive territory, led by financials, holding firms, mining and oil, services, property and industrial.

International Container Terminal Services Inc. was the top traded stock as it closed flat at P198 per share.

It was followed by BDO Unibank Inc., up 5.02 percent to P127.60; Ayala Land Inc., down 0.38 percent to P26.20; SM Prime Holdings Inc., flat at P34; PLDT Inc., up 0.77 percent to P1,310; and Bank of the Philippine Islands, down 1.65 percent to P101.20.

Overall, there were 102 advancers against 79 losers while 57 companies closed unchanged, stock market data also showed. —INQ

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