US inflation gamble spurs foreign buying of PH equities

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) rose on Wednesday amid heavy foreign buying ahead of the release of inflation data in the United States later in the day.

The PSEi climbed 1.07 percent, or 68.21 points, to 6,466.85 while the broader All Shares index rose 0.80 percent, or 27.46 points, to 3,457.33.

Market volume edged higher as 734.94 million shares valued at P5.25 billion changed hands while foreigners were net buyers of an amount worth P1.32 billion.

“Market is still awaiting for fresh leads that would determine direction. If support at 6,300 levels holds, it could see a move back to 6,500,” Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said in a note to investors early in the session.

Financials (+2.64 percent) was the top performing subsector due to strong gains by index heavyweights BDO Unibank Inc. and Bank of the Philippine Islands. Industrial stocks rose 0.9 percent, followed by property (+0.60 percent); holding firms (+0.27 percent); and services (+0.19 percent). Mining and oil sank 0.15 percent.

BDO Unibank Inc. was the heaviest traded stock as it added 4.41 percent to P142 per share.

It was followed by SM Prime Holdings Inc., up 1.24 percent to P32.75; Bank of the Philippine Islands, up 1.74 percent to P110.90; Emperador Inc., flat at P21.05; and International Container Terminal Services Inc., up 1.10 percent to P202.40 per share.

Ayala Land Inc. was up 0.20 percent to P24.75; Metro Pacific Investments Corp., down 0.41 percent to P4.89; Jollibee Foods Corp., up 3.22 percent to P243.60; Ayala Corp., up 1.66 percent to P613.50; and Universal Robina Corp., down 0.82 percent to P132.90 per share.

Overall, there were 92 losers against 84 advancers while 49 companies closed unchanged, data from the stock exchange showed.  INQ