Shares firm up ahead of BSP policy meet

MANILA  -Philippine stocks rebounded on Tuesday as investors cheered data on direct investments ahead of significant events this week such as the latest US inflation report and Bangko Sentral ng Pilipinas (BSP) policy meeting.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) rose 0.3 percent, or 20.1 points, to 6,827.92 while the broader All Shares Index was up 0.3 percent, or 10.82 points, to 3,576.88.

“The local index rose as investors digested data that the country’s net inflow of foreign direct investments in November 2023 rose to its highest since December 2021,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said on Tuesday.

READ: Net FDI inflows soared to near two-year high in November 2023

“Market participants also started to position ahead of the release of the US January consumer price index inflation print that could influence trading for the rest of the week,” he added.

Large-cap firms were mostly higher while the industrial subindex led sector gains with a 0.53 percent increase.

Top traded stocks

SP New Energy Corp. (+6.03 percent to P1.23 per share), controlled by distribution giant Manila Electric Co., was among the most active non-index stocks after it was included in the closely followed MSCI Philippines Small Cap Index.

The changes will take place at market closing on Feb. 29 this year.

A total of 557.12 million shares valued at P4.95 billion changed hands while foreigners made net purchases of about P81 million.

International Container Terminal Service was the top traded stock as it slipped 0.73 percent to P272 per share.

It was followed by Bank of the Philippine Islands, down 0.96 percent to P113.50; Converge ICT Solutions Inc., up 4.33 percent to P10.12; Ayala Corp., up 0.7 percent to P720; and SM Prime Holdings Inc., flat at P34 per share.

Overall, there were 108 advancers against 79 losers while 55 companies closed unchanged, data from the stock exchange showed.