Philippine stocks firm up as US banking jitters wane

MANILA  -The benchmark Philippine Stock Exchange Index (PSEi) extended gains on Thursday after Wall Street had rallied on fading banking crisis woes and steady buying from foreign investors.

By the closing bell, the PSEi climbed 0.21 percent, or 13.78 points, to 6,644.75 while the broader All Shares Index added 0.60 percent, or 9.07 points, to 3,538.73.

“Philippine shares marched up amid the strong tech gains in the US market, as well as the easing concerns around the status of the banking sector,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Thursday.

Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said investors were also monitoring US banking sector reforms.

“US President [Joe] Biden will call for new rules on midsized banks, reversing deregulation during the Trump administration,” Ricafort said.

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Stock market data showed that 573.95 million shares valued at P4.03 billion had changed hands while foreigners were net buyers amounting to P557.4 million.

Services, industrial, financials, mining and oil and hold firms rose while property stocks tumbled.

SP New Energy Corp. was the top traded stock as it closed flat at P1.77 per share.

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It was followed by BDO Unibank Inc., flat at P128.50; SM Investments Corp., down 0.72 percent to P902.50; International Container Terminal Services Inc., up 1.87 percent to P218; and Ayala Land Inc., down 1.38 percent to P28.50 per share.

SM Prime Holdings Inc. was down 1.03 percent to P33.65; ACEN Corp., down 0.78 percent to P6.37; PLDT Inc., down 0.29 percent to P1,376; Semirara Mining and Power Corp., flat at P33.05; and Universal Robina Corp., flat at P147 per share.