Prospect of less hawkish Fed boosts PSEi
MANILA -The benchmark Philippine Stock Exchange index (PSEi) gained ground during a relatively low-volume session on Friday on bets recent US economic data could convince the powerful Federal Reserve to pause aggressive monetary tightening.
The PSEi climbed 0.51 percent, or 33.04 points, to 6,481.91 while the broader All Shares index added 0.41 percent, or 14.25 points, to 3,480.77.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said gains in the local stock market were in sync with the rally in Wall Street overnight.
Wall St rallies to higher close as inflation data feeds Fed pause hopes
This came amid “softer jobless claims and producer prices and inflation that could reduce the need for more Fed rate hikes and could support a possible Fed rate pause in the coming months.”
Meanwhile, stock exchange data showed 981.4 millions shares valued at P4.62 billion changing hands. Foreigners were net buyers amounting to P286.8 million.
Mining and oil and property stocks led gainers after rising 2.25 percent and 1.62 percent, respectively. Holding firms and industrial stocks were up 0.29 percent and 0.14 percent while services increased 0.14 percent. Financials slipped 0.06 percent.
BDO Unibank Inc. was the top traded stock as it added 0.76 percent to P132 per share.
It was followed by International Container Terminal Services Inc., up 0.76 percent to P212.60; Ayala Land Inc., up 0.19 percent to P26.50; SM Prime Holdings Inc., up 2.89 percent to P33.80; and Bank of the Philippine Islands, down 1.59 percent to P99.30 per share.
JG Summit Holdings Inc. was down 1.54 percent to P48; SM Investments Corp., up 2.26 percent to P904; PLDT Inc., down 1.56 percent to P1,260; Ayala Corp., down 1.79 percent to P630; and Universal Robina Corp., up 0.50 percent to P141.90 per share.
