PSEi rebounds to 6,500 as US debt jitters ease

MANILA  -The Philippine Stock Exchange index (PSEi) ended a three-day losing streak on Friday, returning to the 6,500 level, as US debt ceiling concerns eased.

The benchmark PSEi climbed by 1.27 percent, or 81.43 points, to close at 6,512.01 while the broader All-Shares index rose 0.9 percent, or 31.02 points, to settle at 3,474.87.

“The local bourse gained 81.43 points … after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending for two years—days before the default deadline,” said Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement.

Favorable factory data

Alviar said that improved U.S. factory output report also helped in lifting the investor sentiment. The country’s S&P Global Manufacturing Purchasing Managers’ Index was at 52.2 in May—an improvement from 51.4 in the previous month—showing an expansion of manufacturing activities.

https://business.inquirer.net/403824/ph-factory-output-growth-accelerated-in-may

All the subsectors were in the green. Holding firms and services indices were the biggest gainers with growth of 1.59 percent and 1.46 percent, respectively.

About 1.21 billion shares valued at P4.88 billion were traded. Winners led losers, 108 to 64, while 47 issues were unchanged.

Shares of BDO Unibank Inc., the most actively traded, jumped by 1.75 percent to P139.40 each.

This was followed by Ayala Corp., up 2.02 percent to P658; Metro Pacific Investments Corp., down 0.46 percent to P4.35; SM Prime Holdings, up 1.08 percent to P32.85; International Container Terminal Services Inc., up 0.9 percent to P202.80; and Monde Nissin Corp., down 1.63 percent to P7.85.

Other active names were Bank of the Philippine Islands, flat at P100; Ayala Land Inc., up 0.39 percent to P25.95; LT Group, up 0.96 percent to P9.50; and CTS Global Equity Group Inc., up 2.44 percent to P0.84.