Shares up again at trading week’s close
Philippine stocks ended the last trading day of the week in positive territory as investors latched on to positive developments overseas while local market activity was driven by large block sale deals.
By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) rose 0.19 percent, or 12.59 points, to 6,686.09 while the broader All Shares index was up 0.01 percent, or 0.42 point, to 3,508.61.“Philippine shares rose once again to close the week, buoyed by encouraging economic data released overseas,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development Corp. (RCDC).
“The US [gross domestic product] revealed higher-than-expected economic growth in the [fourth quarter of 2023], piling onto investors’ hopes that the economy has avoided a deep recession,” Limlingan said.
Data from the stock exchange showed 2.88 billion shares valued at P13.58 billion changed hands, with over half of market turnover coming from block sales of AREIT Inc. (P5.63 billion) and SP New Energy (P2.75 billion).
Foreigners were also net buyers of almost P700 million worth of stocks, PSE data showed.
PSE subsectors were mixed as services, industrial and property pulled back while financials, holding firms and mining and oil advanced.
AREIT was the top traded stock as it slumped 4.48 percent to P32 per share.
It was followed by BDO Unibank Inc., up 0.63 percent to P144.80; SM Investments Corp., up 2.32 percent to P925; International Container Terminal Services Inc., down 2.07 percent to P236; and Bank of the Philippine Islands, up 2.25 percent to P113.70 per share.
Globe Telecom was down 1.60 percent to P1,720; Ayala Land Inc., down 0.44 percent to P34; SM Prime Holdings Inc., up 0.30 percent to P33.70; Jollibee Foods Corp., up 1.63 percent to P274.60; and Ayala Corp., down 0.74 percent to P675 per share.
Overall, there were 93 losers against 83 advancers while 58 companies closed unchanged. —Miguel R. Camus INQ
