PSEi bolts past 6,400 in tricky rebound ahead of BSP policy meeting

MANILA  -The Philippine Stock Exchange index (PSEi) rose above 6,400 on Wednesday in a likely “technical rebound” ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.

The PSEi added 1.17 percent, or 74.18 points, to 6,410.09 while the broader All Shares index climbed 0.75 percent, or 25.54 points, to 3,426.41.

“The PSEi’s rise is most likely a technical rebound and we remain wary of selloffs,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said on Wednesday.

He said investors also placed bets on select blue chip stocks before the interest rate decision this week, helping the PSEi buck the weaker performance of most Asian stocks during the session.

Mining and oil and holding firms were top performers on Wednesday. Property, industrial and services also gained while financials slumped.

Data from the exchange showed 385.85 million shares valued at P3.86 billion changing hands while foreigners were net buyers of an amount worth P101 million.

Ayala Land Inc. was the most actively traded stock as it gained 1.18 percent to P30 per share.

It was followed by International Container Terminal Services Inc., up 3.01 percent to P212; Bank of the Philippine Islands, down 1.40 percent to P113; SM Prime Holdings Inc., up 1 percent to P30.40; and BDO Unibank Inc., up 0.70 percent to P143.

Jollibee Foods Corp. was up 1.87 percent to P250.80; PLDT Inc., down 2.06 percent to P1,234; Monde Nissin Corp., down 2.04 percent to P6.71; Ayala Corp., down 0.08 percent to P599.50; and SM Investments Corp., up 3.02 percent to P886 per share.

Overall, there were 92 advancers against 89 losers while 45 companies closed unchanged, data from the stock exchange showed.