PSEi shoots up to 6,600 as bulls cheer cooling inflation

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) extended gains on Friday to close above 6,600 as risk aversion abated after recent data showed easing inflationary pressures.

The PSEi rose 0.70 percent, or 46.30 points, to 6,624.79 while the boarder All Shares index added 0.54 percent, or 18.75 points, to 3,515.81.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said investors turned “bullish” after the US released new inflation data.

“Look for a test of the 6,650 to 6,700 levels in the near-term. Failure to test said levels could prompt a new round of selling at 6,300 levels [thus raising downside risks to the] 6,300 to 6,400 levels,” he said in a note to investors on Friday.

A total of 567.55 million shares valued at P5.55 billion changed hands while foreigners were net buyers of an amount worth P463.91 million, data from the stock exchange showed.

Mining and oil underperformed on Friday as it slipped 0.18 percent. Industrial climbed 0.90 percent, followed by holding firms (+0.73 percent); financials (+0.65 percent); property (+0.63 percent); and services (+0.28 percent).

Ayala Land Inc. was the top traded stock as it increased 3.01 percent to P25.70 per share.

It was followed by BDO Unibank Inc., down 0.14 percent to P147.80; SM Investments Corp., up 1.66 percent to P946.50; Bank of the Philippine Islands, up 2.13 percent to P115; and ACEN Corp., up 1.69 percent to P5.40 per share.

Ayala Corp. was down 0.81 percent to P614; SM Prime Holdings Inc., down 0.45 percent to P32.95; Jollibee Foods Corp., up 0.47 percent to P254.20; GT Capital Holdings Inc., flat at P520; and PLDT Inc., down 0.76 percent to P1,305 per share.

Overall, there were 93 advancers against 79 losers while 51 companies closed unchanged, data from the stock exchange also showed.

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