PSEi claws back to 6,600 levels

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) was little changed on Tuesday as investors monitored updates on the US banking sector while foreign bargain hunters snapped up local shares.

The PSEi rose 0.12 percent, or 8.12 points, to 6,603.15 while the broader All Shares index added 0.16 percent, or 5.79 points, to 3,519.86.

“Philippine shares reclaimed their position above 6,600 as traders digested a few positive news reports, including First Citizens BancShares’ agreement to buy large parts of Silicon Valley Bank, “Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Tuesday.

Data from the stock exchange showed 911.1 million shares valued at P5.34 billion changing hands while overseas investors were net buyers to the tune of P725.13 million.

PSE subsectors were mostly higher with mining and oil taking the lead with a gain of 2.10 percent, followed by services (+1.69 percent), industrial (+0.25 percent) and property (+0.02 percent).

Financials and holding firms dropped 0.69 percent and 0.21 percent, respectively.

SM Prime Holdings Inc. was the top traded stock as it slipped 0.29 percent to P33.85 per share.

It was followed by SP New Energy Corp., up 3.57 percent to P1.74; SM Investments Corp., down 0.27 percent to P915.50; International Container Terminal Services Inc., up 2 percent to P214.20; and Semirara Mining and Power Corp., up 6.14 percent to P32.85 per share.

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Ayala Corp. rose 0.08 percent to P665.50; BDO Unibank Inc., down 0.79 percent to P125.50; PLDT Inc., up 2.78 percent to P1,368; Manila Electric Co., up 2.82 percent to P306.40; and Bank of the Philippine Islands, down 0.2 percent to P101.80 per share.

Overall, there were 95 losers against 78 advancers while 41 companies closed unchanged, stock market data showed. INQ

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