Rosy local, US picture keeps PSEI upturn

MANILA, Philippines — Higher earnings of US companies as well as better local growth projections boosted sentiment in the local bourse on Wednesday, with the benchmark index extending its winning streak.

The Philippine Stock Exchange Index (PSEi) gained by 1.01 percent, or 65.95 points, to 6,572.75 by the end of the session.

The broader All Shares Index likewise inched up by 0.48 percent, or 16.56 points, to 3,463.46.

A total of 1.13 billion shares valued at P6.07 billion changed hands, stock exchange data showed.

READ: Wall Street rallies again to erase more of April’s losses

Claire Alviar, research analyst at Philstocks Financial Inc., said that the rise was due mainly to positive cues from the US market as American companies reported “good” earnings.

At the same time, Secretary Arsenio Balisacan of the National Economic and Development Authority said the Philippine economy was still likely to hit its 6-percent growth target this year despite the projected delay in the Bangko Sentral ng Pilipinas’ policy rate cuts.

READ: 2024 GDP growth can still hit 6%, says Neda

Alviar said this contributed to the overall positive sentiment on Wednesday.

Gainers, decliners

Holding firms gained the most (1.81 percent), buoyed by Sy family-led SM Investments Corp. after declaring nearly P11 billion in cash dividends, or P9 per share.

Only banks saw a decline as the Ayala-led Bank of the Philippine Islands (BPI) went down.

Ayala Land Inc. was the top-traded stock as it increased by 1.79 percent to P28.45 per share.

It was followed by International Container Terminal Services Inc., up by 0.61 percent to P330; BDO Unibank Inc., up 0.35 percent to P144.10; BPI, down 0.8 percent to P124; and Jollibee Foods Corp., up 4.13 percent to P232 per share.

Metropolitan Bank and Trust Co. was unchanged at P70 each; SM Investments, up 0.42 percent to P947; SM Prime Holdings Inc., up 1.42 percent to P28.60; Manila Water Co. Inc., up 4.09 percent to P24.20; and ABS-CBN Corp., down 0.58 percent to P3.43.

There were 111 advancers against 99 losers, while 52 companies were unchanged at closing, stock exchange data also showed.