MANILA -The benchmark Philippine Stock Exchange index (PSEi) returned above 6,300 on Tuesday as property giants and conglomerates advanced while foreign investors resumed robust buying.
By the closing bell, the PSEi added 0.64 percent, or 40.07 points, to 6,309.57 while the broader All Shares index rose 0.31 percent, or 10.48 points, to 3,358.70.
Market activity also ramped up during the session as 382.74 million shares valued at P5.34 billion changed hands. Foreigners were net buyers to the tune of P670.4 million, data from the stock exchange showed.
Ayala Land Inc. and SM Prime Holdings rallied on Tuesday, pushing up the property subsector by 3.36 percent. Holding firms also added 0.52 percent, followed by financials and mining & oil, up 0.03 percent and 0.21 percent, respectively, while industrial and services slumped 1.32 percent and 0.01 percent.
First Metro Investment Corp. and University of Asia and the Pacific said in their latest The Market Call report that favorable interest rates and inflation could push the PSEi above 6,500 this year but
downside risks remain.
It said the lower weight assigned to Philippine shares by the closely-followed MSCI will take effect after the end of November and “could provide headwinds.”
Meanwhile, Ayala Land was the top traded stock on Tuesday as it rose 3.68 percent to P31 per share.
SM Prime was up 4.46 percent to P33.95; International Container Terminal Services Inc., up 0.73 percent to P220; BDO Unibank Inc., down 0.45 percent to P131.50; and Jollibee Foods Corp., down 1.51 percent to P234.80 per share.
SM Investments Corp. rose 1.32 percent to P845; Globe Telecom, down 1.21 percent to P1,719; Ayala Corp., up 0.77 percent to P657; Universal Robina Corp., down 3.39 percent to P117; and AREIT Inc., down 0.34 percent to P29.10 per share.
Overall, there were 106 losers against 79 advancers while 39 companies closed unchanged, data from the stock exchange showed.