Fed’s rate pause vow lures more buyers of PH shares

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) ended the week on a high note as bargain hunters continued to support the market.

The PSEi added 0.73 percent, or 46.92 points, to 6,508.34 while the broader All Shares index rose 0.67 percent, or 23.04 points, to 3,467.11.

“Philippine shares were bought once again on bets that rate hikes were coming to an end after the Federal Reserve announced it would not increase rates at its meeting this week,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.

Data from the stock exchange showed 993.78 million shares valued at P53.5 billion changing hands while foreigners were net buyers of an amount worth P6.06 billion.

The large increase in daily volume was driven by a P44.57-billion block sale by Bank of the Philippine Islands (BPI). The bank’s property dividends involving 406.2 million shares were paid on Friday, a previous disclosure showed.

PSE subsectors ended mixed with mining and oil and financials retreating while services, property, industrial and holding firms pushed higher.

Ayala Corp. was the top traded stock as it sank 3.15 percent to P615 per share.

It was followed by BPI, up 1.90 percent to P107; BDO Unibank Inc., down 1.34 percent to P140; SM Prime Holdings Inc., up 2.56 percent to P34; and Ayala Land Inc., up 0.82 percent to P24.45 per share.

SM Investments Corp. was up 0.22 percent to P924; Metro Pacific Investments Corp., down 0.68 percent to P4.38; International Container Terminal Services Inc., up 3.86 percent to P202; Universal Robina Corp., down 0.36 percent to P140; and Metropolitan Bank & Trust Co., down 0.56 percent to P53.70 per share.

Overall, there were 96 advancers against 81 losers while 43 companies closed unchanged, stock exchange data showed.