PSEi climbs ahead of release of key US, PH data
MANILA -The benchmark Philippine Stock Exchange index (PSEi) climbed on Tuesday as investors positioned ahead of the release of November inflation data in the United States.
The PSEi advanced 1.03 percent, or 64.10 points, to 6,292.39 while the broader All Shares index was up 0.78 percent, or 25.81 points, to 3,353.46.
“The index surged on market-on-close buying as traders continued to position ahead of the release of US November inflation data as well as the much-awaited policy meetings of the Federal Reserve and Bangko Sentral ng Pilipinas,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said on Tuesday.
READ: Philippine central bank done with rate hikes; first cut seen in Q3 2024
Data from the PSE showed 314.76 million shares valued at P3.25 billion changing hands while net foreign buying amounted to P158.02 million.
Colet said low volumes indicated that “many investors would rather stay on the sidelines until they have digested this week’s key economic events.”
Strong subsectors
Meanwhile, all PSE subsectors closed positive, with financials (+1.54 percent) and property (+0.89 percent) taking the lead.
READ: Asian stocks rise, dollar eases ahead of US inflation data
BDO Unibank Inc. was the top traded stock as it rose 1.30 percent to P125 per share.
It was followed by International Container Terminal Services Inc., up 1.31 percent to P232; Ayala Land Inc., up 0.16 percent to P32; Universal Robina Corp., up 2.77 percent to P115; and Bank of the Philippine Islands, up 3.02 percent to P102.50 per share.
SM Prime Holdings Inc. was up 1.53 percent to P33.20; SM Investments Corp., up 0.48 percent to P839; GT Capital Holdings Inc., down 1.38 percent to P537; ACEN Corp., down 1.79 percent to P4.38; and Jollibee Foods Corp., up 0.17 percent to P239.20 per share.
Overall, there were 97 advancers against 61 losers while 55 companies closed unchanged, data from the stock exchange showed. INQ
