PSEi stops bleeding as investors focus on good news abroad
MANILA -Philippine stocks climbed on Thursday after days of consecutive losses as positive sentiments overseas spread to the equity market amid the dearth of domestic news drivers.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) added 0.75 percent, or 46.15 points, to 6,225.78 while the broader All Shares index rose 0.54 percent, or 17.94 points, to 3,357.57.
“After four straight sessions in negative territory, the market finally traded higher to close above 6,200. The index tracked the positive performance of US and Asian markets, with sentiment lifted by easing US treasury yields and indications of softening US private sector business activity,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Thursday.
Technical rebound
“Whether today’s rise in the PSEi is a mere technical rebound or the beginning of a sustained recovery will depend on [US Federal Reserve] chair Jerome Powell’s remarks at the Jackson Hole symposium,” he added.
All PSE subsectors closed higher, with financials (+1.52 percent) and mining and oil (+0.86 percent) taking the lead.
A total of 415.26 million shares valued at P3.31 billion changed hands while foreigners were net sellers of an amount worth P263.9 million, data from the stock exchange showed.
BDO Unibank Inc. was the top-traded stock as it rose 3.48 percent to P142.80 per share.
It was followed by Ayala Land Inc., flat at P28.25; International Container Terminal Services Inc., flat at P205; Bank of the Philippine Islands, flat at P108.20; and SM Prime Holdings Inc., up 0.83 percent to P30.35 per share.
Ayala Corp. was up 0.34 percent to P595; Metropolitan Bank & Trust Co., up 0.46 percent to P54.70; Jollibee Foods Corp., up 0.83 percent to P243; Bloomberry Resorts Corp., down 0.36 percent to P11.10; and ACEN Corp., up 0.40 percent to P5.07 per share.
Overall, there were 102 advancers against 60 losers while 47 companies closed unchanged.
