PSEi climbs as economy hangs tough
MANILA -The benchmark Philippine Stock Exchange index (PSEi) rose ahead of the release of second quarter 2023 gross domestic product (GDP) data on Friday.
The PSEi climbed 0.89 percent, or 57.48 points, to 6,530.45 while the broader All Shares index added 0.55 percent, or 19.05 points, to 3,480.16.
“Philippine stocks were bought ahead of the GDP release, as more earnings came out in line or above expectations,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.
Most PSE subsectors closed higher, led by services and financials, which gained 1.36 percent and 1.18 percent, respectively. Mining and oil (-0.60 percent) was the sole loser during the session.
A total of 428.4 million shares valued at P3.4 billion changed hands while foreigners were net sellers amounting to P214.7 million.
BDO Unibank Inc. was the top traded stock as it rose 0.99 percent to P142.40 per share.
It was followed by Ayala Land Inc., flat at P29.40; SM Investments Corp., up 0.56 percent to P900; Bank of the Philippine Islands, up 2.30 percent to P115.80; and Metro Pacific Investments Corp., up 0.60 percent to P5 per share.
Overall, there were 92 losers against 89 advancers while 52 companies closed unchanged.
