PSEi perked up by dovish Fed bets, GCash IPO talks
MANILA —The benchmark Philippine Stock Exchange Index (PSEi) on Monday inched closer to 6,700 on steady buying by domestic investors and optimism about a potential initial public offering by GCash in the latter part of the year.
The PSEi added 0.56 percent, or 37.27 points, to 6,680.45 while the broader All Shares Index climbed 0.49 percent, or 17.16 points, to 3,523.77.
“The index sustained last week’s positive momentum as it closed higher on the back of softer than expected US December producer price data and increasing market bets that the Federal Reserve will start cutting its policy rate in March,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said on Monday.
READ: Asia stocks follow Wall St higher, while China keeps key rate unchanged
A total of 460.92 million shares valued at P5.82 billion changed hands while foreigners were net sellers to the tune of 244 million, data from the stock exchange showed.
PSE sectors all closed in the green, led by mining and oil (+1.35 percent) and services (+1.01 percent). Globe Telecom was among the top gainers on reports it was mulling an initial public offering for mobile wallet GCash in the second half of 2024.
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Meanwhile, Philippine Seven Corp. was the top traded stock as it slipped 1.64 percent to P75 each.
READ: Mynt buys payment platform from Globe ahead of IPO
It was followed by BDO Unibank Inc., flat at P139; Ayala Corp., flat at P680.50; International Container Terminal Services Inc., up 2.20 percent to P251.20; and Jollibee Foods Corp., up 0.68 percent to P266.80 per share.
Ayala Land Inc. was down 0.15 percent to P34; Globe Telecom, up 4.56 percent to P1,790; GT Capital Holdings Inc., up 1.38 percent to P626.50; Bank of the Philippine Islands, up 1.87 percent to P109; and SM Investments Corp., up 0.33 percent to P905 per share. Overall, there were 107 advancers against 78 losers while 52 companies closed unchanged, data from the stock exchange showed. —Miguel R. Camus INQ
