PSEi clings to gains in final stretch of ‘weak’ quarter

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) held on to recent gains as investors turned their attention to economic indicators overseas.

By the closing bell, the PSEi added 0.17 percent, or 10.84 points, to 6,385.52 while the broader All Shares index was up 0.19 percent, or 6.33 points, to 3,419.21.

“Philippine shares continued with their winning streak as investors readied for the final trading days of what’s shaping up to be a weak month and quarter,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.

“Investors will watch for economic data on topics such as housing and the [US gross domestic product] on Thursday, before turning attention to the latest personal consumption expenditures price index reading due Friday,” he said.

“Back home, the local bourse rose for a sixth straight day on bargain hunting and as investors recalibrated their portfolios following the PSEi’s off-cycle rebalancing,” he added.

READ: UnionBank out of PSE index effective Oct. 4; Nickel Asia in

Nearly 778 million shares valued at P5.2 billion changed hands while foreigners purchased an amount worth P194.03 million.

The PSE earlier announced the removal of Metro Pacific Investments Corp. and Aboitiz Power Corp. from the PSEi. These were replaced by Bloomberry Resorts Corp. and Century Pacific Food Inc.

The PSE also announced late Thursday the removal of Union Bank of the Philippines from the PSEi effective Oct. 4 this year. The Aboitiz-led lender will be replaced by the Zamora family’s Nickel Asia Corp.