PSEI sustains upswing on Wall Street cues

MANILA, Philippines — Gains in the US market helped keep investors optimistic on Thursday even as the Bangko Sentral ng Pilipinas (BSP) kept interest rates unchanged.

The benchmark Philippine Stock Exchange Index (PSEi) extended further its winning streak as it gained by 1.23 percent, or 77.47 points, to close at 6,390.58. Likewise, the broader All Shares Index added 0.79 percent, or 27.12 points, to 3,477.70.

A total of 508.74 million shares worth P4.51 billion changed hands, stock exchange data showed.

Mikhail Plopenio, researcher at Philstocks Financial Inc., said positive cues from Wall Street overnight amid optimism on the upcoming May inflation data influenced the positive sentiment at home.

READ: BSP keeps rates unchanged as expected

Investors also likely already priced in the expected results of the Monetary Board’s meeting, considering that the BSP released its policy rate stance by market close, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

READ: Asian shares mostly lower ahead of key US inflation report

All subsectors gained, with banks closing with a 2.5-percent increase as BDO Unibank Inc., Bank of the Philippine Islands (BPI), and Metropolitan Bank and Trust Co. (Metrobank) all rose.

International Container Terminal Services Inc. was the top-traded stock as it went down by 0.51 percent to P348 each.

It was followed by Globe Telecom Inc., up 1.95 percent to P2,090; BDO, up 2.36 percent to P130; SM Investments Corp., up 0.99 percent to P817; and SM Prime Holdings Inc., up 2.39 percent to P27.80 per share.

Other actively traded stocks were Ayala Land Inc., down 0.17 percent to P28.95; Metrobank, up 2.84 percent to P67.10; BPI, up 3.1 percent to P119.60; JG Summit Holdings Inc., down 2.59 percent to P26.30; and Jollibee Foods Corp., up 0.45 percent to P224 each.

Losers edged out gainers, 99 to 91, while 43 companies closed unchanged, stock exchange data also showed.