PSEi makes another try at 7,000 on Wall Street push
MANILA, Philippines — Stock market bulls are preparing for another assault on the 7,000 level as the Philippine Stock Exchange Index (PSEi) pushed higher after Wall Street rallied overnight.
By the closing bell, the PSEi added 1.25 percent, or 85.92 points, to 6,965.51 while the broader All Shares index gained 0.95 percent, or 33.89 points, to 3,614.20.
Sentiments were positive despite new US inflation data coming in hotter than expected at 3.2 percent in February.
Jonathan Ravelas, veteran forecaster and senior adviser at Reyes Tacandong & Co., maintained his long-term cautious view on the market given risks posed by geopolitical flashpoints and a potential Trump win in the US elections.
READ: Stocks stride past US inflation to milestone highs
He said stocks would continue trading sideways while a potential break below 6,800 would see investors targeting the 6,500 level for the PSEi.
Article continues after this advertisementLuis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Wednesday that investors also “continued to bargain hunt ahead of the upcoming FTSE rebalancing on Friday.”
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Data from the stock exchange showed nearly 700 million shares valued at P6.47 billion changing hands while foreigners were net buyers of an amount worth P515.1 million.
All subsectors closed higher, led by property (+2.03 percent) and financials (+1.74 percent).
READ: PLDT pushes up PH shares
International Container Terminal Services Inc. was the top traded stock as it rose 2.27 percent to P316 per share.
It was followed by Ayala Land Inc., up 4.33 percent to P33.70; BDO Unibank Inc., up 2.33 percent to P154; Bank of the Philippine Islands, up 1.61 percent to P120; and PLDT Inc., down 0.71 percent to P1,390 per share.
SM Investments Corp. was up 0.92 percent to P992; SM Prime Holdings Inc., up 1.42 percent to P32.05; Wilcon Depot Inc., down 4.76 percent to P18; Metropolitan Bank & Trust Co., up 0.64 percent to P62.90; and Aboitiz Equity Ventures Inc., down 2.02 percent to P48.50 per share.
Overall, there were 119 advancers against 71 losers while 52 companies closed unchanged.
