Calm after storm returns PSEI past 6,700

The local bourse reclaimed the 6,700 mark on the last trading day of the week as tensions eased after Supertyphoon “Carina” (international name: Gaemi) made its exit.

By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) added 0.84 percent, or 55.74 points, to 6,726.01.

Meanwhile, the broader All Shares Index gained 0.65 percent, or 23.29 points, to close at 3,630.10.

A total of 923.16 million shares worth P4.35 billion changed hands as foreigners made net purchases worth P63.91 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the bourse rebounded as Carina left the Philippine area of responsibility.

This comes a day after anxious investors dumped stocks as they weighed the economic impact of the typhoon

Property firms led the gainers with a 1.36-percent increase, reflecting a more optimistic market after analysts allayed fears that President Marcos’ order to ban Philippine offshore gaming operators could hurt the real estate sector.

Razon-led International Container Terminal Services Inc. was the top-traded stock as it gained by 0.34 percent to P355 each.

It was followed by SM Investments Corp., up 1.04 percent to P919.50; BDO Unibank Inc., up 1.96 percent to P146; Ayala Land Inc., up 0.48 percent to P31.35; and SM Prime Holdings Inc., up 2.59 percent to P29.75 per share.

Other actively traded stocks were ACEN Corp., up 3.3 percent to P5.01 percent; Bloomberry Resorts Corp., unchanged at P8.78; Bank of the Philippine Islands, down 0.78 percent to P127; Metropolitan Bank and Trust Co., up 0.87 percent to P69.55; and Ayala Corp., up 1.37 percent to P593 each.

Gainers edged out losers, 102 to 80, while 57 companies closed unchanged.