US Fed’s ‘progress’ vs inflation lifts PH shares

Gains in the US market fueled investors on Wednesday, allowing the bourse to rise above 6,400 after two consecutive days of declines.

The benchmark Philippine Stock Exchange Index (PSEi) gained by 1.43 percent, or 91.07 points, to close at 6,450.03. Meanwhile, the broader All Shares Index climbed by 0.94 percent, or 32.46 points, to 3,495.13.

A total of 263.93 million shares worth P3.93 billion changed hands as foreigners boosted the market with net purchases of P22.09 million, stock exchange data showed.

Mikhail Plopenio, researcher at Philstocks Financial Inc., said the bourse’s climb was due to “positive cues” from Wall Street, as the Dow Jones Industrial Average, S&P 500 and Nasdaq all ended green overnight.

READ: S&P 500, Nasdaq end at fresh records after Fed chair’s comments

According to Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., the US Federal Reserve’s announcement of “some progress” in reducing inflation likewise added to traders’ optimism.

Banks led the gainers with a 1.56-percent increase as Sy family-led index heavyweight BDO Unibank Inc. rose by more than 4 percent.

Razon-led International Container Terminal Services Inc. was the top-traded stock as it gained by 2.22 percent to P359.80 per share.

It was followed by Ayala Land Inc., up 1.75 percent to P29; Jollibee Foods Corp., up 1.77 percent to P230.20; BDO, up 4.2 percent to P133.90; and Metropolitan Bank and Trust Co., up 0.54 percent to P65.35.

SM Prime Holdings Inc. was up by 1.25 percent to P28.45; Ayala Corp., up 1.33 percent to P572.50; Bank of the Philippine Islands, down 0.09 percent to P116.70 per share; 8990 Holdings Inc., up 0.11 percent to P9.40; and Globe Telecom Inc., up 1.92 percent to P2,120 each.

There were 95 advancers against 83 losers, while 58 companies were unchanged at closing. —MEG J. ADONIS