Excited investors bring PSEi closer to 6,700
Fired up investors pushed the local bourse closer to 6,700 on Monday after encouraging results from US markets and excitement over “larger-than-expected” interest rate cuts.
By the closing bell, the Philippine Stock Exchange Index (PSEi) gained by 0.62 percent, or 41.14 points, to 6,689.37. Meanwhile, the broader All Shares Index added 0.50 percent, or 18 points, to 3,594.22.A total of 460.49 million shares worth P5.22 billion changed hands, stock exchange data showed.
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Claire Alviar, research analyst at Philstocks Financial Inc., said the bourse was buoyed by energized investors cheering “positive spillovers from the US markets’ performance” last week.
“Moreover, reports that the Bangko Sentral ng Pilipinas (BSP) may cut interest rates larger than expected boosted sentiment,” she added.
Japanese investment bank Nomura earlier said the BSP may slash the key rate by a total of 250 basis points (bps) between the third quarter of the year and the second quarter of next year.
Article continues after this advertisementThis is higher than its earlier prediction of 150 bps by the second quarter of 2025, as the lower tariff on rice was also expected to give the BSP more reason to cut rates.
Article continues after this advertisementProperty firms registered the highest gain at 1.91 percent on the first trading day of the week, boosted by Zobel family-led Ayala Land Inc. (ALI), which was the top-traded stock as it climbed by 3.72 percent to P30.70.
ALI was followed by SM Investments Corp., up 2.27 percent to P900; BDO Unibank Inc., unchanged at P143.70; Ayala Corp., up 1.88 percent to P595; and Jollibee Foods Corp., up 1.14 percent to P230 each.
Other actively traded stocks were International Container Terminal Services Inc., down 1.30 percent to P363.20; SM Prime Holdings Inc., up 1.02 percent to P29.60; Universal Robina Corp., up 1.30 percent to P117.10; Bank of the Philippine Islands, down 0.57 percent to P122; and PLDT Inc., down 1.02 percent to P1,549 per share.
Gainers overpowered losers, 117 to 59, while 52 companies closed unchanged. —Meg J. Adonis INQ
