Banks lift PSEi as investors go window dressing

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) advanced on Thursday as BDO Unibank Inc. led gains by large banking stocks.

The PSEi rose 0.66 percent, or 43.44 points, to 6,583.68 while the broader All Shares index added 0.48 percent, or 16.60 points, to 3,508.86.

“Philippine shares started the month-end window dressing early, closing in the green, shrugging off worries around First Republic’s health [which] spurred fears of a broad fallout similar to what happened in the wake of [Silicon Valley Bank’s] collapse,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.

Major corporate developments dominated headlines during the session as Metro Pacific Investment announced plans to go private via a P49-billion tender offer and top Philippine conglomerates joined forces to bid for Ninoy Aquino International Airport’s upgrade.

A total of 549.2 million shares valued at P4.7 billion changed hands while foreigners were net buyers of an amount worth P80 million.

Financials took the spotlight with a 2.21-percent gain after BDO jumped nearly 5 percent. BDO was also the top traded stock as it closed at P144.60 per share.

Gainers and losers were evenly matched, 90 to 90, while 48 companies closed unchanged.

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