Investors cheer favorable growth, inflation
MANILA -The benchmark Philippine Stock Exchange index (PSEi) bounced higher on Wednesday after the World Bank raised growth forecasts for the country while inflation cooled further in May.
By the closing bell, the PSEi added 1.31 percent, or 84.77 points, to 6,564.70 while the broader All Shares index climbed 0.75 percent, or 26.18 points, to 3,495.65.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said stocks were higher “after the World Bank raised its estimate for Philippine [gross domestic [product] growth for 2023 to 6 percent (from the previous estimate of 5.6 percent), 5.9 percent estimate for 2024 and 2025.
”He said the market also continued to digest government data showing that headline inflation eased to a one-year low of 6.1 percent last month. All PSE subsectors ended higher on Wednesday as holding firms took the lead with a 1.82-percent gain.
A total of 801.8 million shares valued at P4.14 billion changed hands while foreigners were net buyers amounting to P155.14 million, data from the stock exchange showed.
BDO Unibank Inc. was the top traded stock as it added 1.55 percent to P137.40 per share. It was followed by Bank of the Philippine Islands, up 1.86 percent to P103.90; SM Prime Holdings Inc., up 0.60 percent to P33.70; Ayala Land Inc., up 1.54 percent to P26.30; and Ayala Corp., up 2.90 percent to P674 per share.
International Container Terminal Services was up 0.5 percent to P202; SM Investments Corp., up 2.21 percent to P925; PLDT Inc. up 2.44 percent to P1,259; Universal Robina Corp., up 1.67 percent to P146.40; and Metropolitan Bank & Trust Co., down 0.26 percent to P56.70 per share.
Overall, there were 97 advancers against 79 losers while 44 companies closed unchanged, stock exchange data showed.
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