Bulls lift PSEi above key 6,500 threshold

MANILA  -Market bulls carried the benchmark Philippine Stock Exchange Index (PSEi) past the 6,500 level on Tuesday, despite the Bangko Sentral ng Pilipinas (BSP) warning of upside inflation risks due to the El Niño phenomenon.

By the closing bell, the PSEi rose 0.71 percent, or 45.77 points, 6,521.27 while the broader All Shares index was up 0.49 percent, or 16.57 points, to 3,432.71.

BSP Senior Assistant Governor Iluminada Sicat said inflation could temporarily accelerate due to a strong El Niño following the latest assessment released by the US Climate Prediction Center.

READ: Inflation uptick seen with strong El Niño, says BSP official

Investors brushed the comments aside as they anticipated strong corporate earnings in the final quarter of 2023 and upcoming interest cuts next year that were earlier announced by the US Federal Reserve.

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A total of 748.67 million shares valued at P4.4 billion changed hands while foreigners were net buyers amounting to about P395 million, data from the stock exchange showed. Financials, property, services and industrial climbed while mining and oil and holding firms pulled back.

Ayala Land Inc. was the top traded stock as it rose 1.18 percent to P34.35 per share.

It was followed by BDO Unibank Inc., up 3.23 percent to P131; International Container Terminal Services Inc., up 0.82 percent to P246; SM Investments Corp., down 0.99 percent to P903.50; and SM Prime Holdings Inc., up 0.89 percent to P33.90 per share. Bank of the Philippine Islands rose 1.76 percent to P104; Ayala Corp., flat at P715; ACEN Corp., down 1.64 percent to P4.20; GT Capital Holdings Inc., flat at P565; and Jollibee Foods Corp., down 1.51 percent to P247.80 per share.

Overall, there were 96 losers against 88 advancers while 47 companies closed unchanged, data from the stock exchange showed.