PH shares continue ascent with help from foreign investors

MANILA  -The Philippine Stock Exchange index (PSEi) climbed for a third consecutive session on Wednesday on strong foreign buying, bucking the relative weak performance across the region and Wall Street overnight.

By the closing bell, the PSEi rose 0.71 percent, or 44.35 points, to 6,253.18 while the broader All Shares index added 0.47 percent, or 15.44 points, to 3,330.04.

A total of 296.1 million shares valued at about P4 billion changed hands while net foreign buying jumped to P1.02 billion, data from the stock exchange showed.

Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said the market posted gains despite the US Federal Reserve signaling that “monetary policy will remain restrictive, and gave no indication of cutting interest rates anytime soon.”

All subsectors closed higher, with mining and oil (+1.91 percent) and industrial (+1.74 percent) taking the lead.

International Container Terminal Services Inc. was the top traded stock as it rose 1.68 percent to P218.40 per share.

It was followed by Philippine Seven Corp., up 5.69 percent to P80.85; Jollibee Foods Corp., up 0.84 percent to P240; and BDO Unibank Inc., down 0.30 percent to P131.50 per share.