Philippine shares climbed past the 6,500 level after nearly a month, as investors took in gains in the US and neighboring Asian markets ahead of the June inflation data release.
By the closing bell on Thursday, the benchmark Philippine Stock Exchange Index (PSEi) added 0.89 percent, or 57.46 points, to 6,507.49. Meanwhile, the broader All Shares Index climbed by 0.59 percent, or 20.74 points, to 3,515.87.
READ: Markets extend gains, dollar dips as US data fans rate cut hopes
A total of 512.45 million shares worth P4.51 billion changed hands as foreigners made net purchases worth P462.91 million, stock exchange data showed.
“[Asia] took cues from the S&P 500 and the Nasdaq’s record performances overnight,” said Mikhail Plopenio, researcher at Philstocks Financial Inc.
The PSEi, which last touched 6,500 on June 7, also joined Asian peers, such as Japan’s Nikkei and Taiwan’s Taiwan Weighted Index, in the green territory.
The local bourse’s gain also came a day before June inflation data is set to be released. Experts have said that it likely stayed at 3.9 percent on lower electricity rates.
READ: June inflation pegged at 3.9% as utility costs dip
Services-focused companies booked the highest gain at 1.78 percent, buoyed by telecommunications giants Globe Telecom Inc. and PLDT Inc.
Sy family-led BDO Unibank Inc. was the top-traded stock as it climbed by 3.21 percent to P138.20 each.
It was followed by International Container Terminal Services Inc., up 2.56 percent to P369; SM Prime Holdings Inc., up 0.7 percent to P28.65; Globe Telecom Inc., up 0.66 percent to P2,134; and PLDT Inc., up 2.71 percent to P1,479 per share
Other actively traded stocks were Ayala Land Inc., up 0.69 percent to P29.20; Ayala Corp., down 0.35 percent to P570.50; Aboitiz Equity Ventures, up 0.13 percent to P37.55; Metropolitan Bank and Trust Co., up 0.38 to P65.60; and SM Investments Corp., up 0.12 percent to P840.50.
There were 90 gainers against 83 losers, while 62 companies were unchanged at closing. —MEG J. ADONIS