PSEi extends winning streak

FILE PHOTO: Philippine Stock Exchange Index (PSEi). INQUIRER FILES

The local bourse extended its winning streak to a third trading day on Monday as energized investors coming back from the holiday break provided a boost, along with expectations of domestic inflation settling within the central bank’s target range.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.32 percent, or 21.36 points, to 6,625.17.

Likewise, the broader All Shares Index climbed 0.23 percent, or 8.55 points, to close at 3,794.03.

A total of 4.54 billion shares worth P3.86 billion changed hands as foreigners made net purchases worth P40.94 million, stock exchange data showed.

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Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the index ascended for the third consecutive session as investors “slowly repositioned into the market as the full trading week of the year begins.”

This also comes after analysts polled by the Inquirer projected that inflation in December might have sped up slightly to an average of 2.7 percent from 2.5 percent last November.

This is still within the lower end of the Bangko Sentral ng Pilipinas’ 2.3 to 3.1 percent target range for the month. Should this be the official figure that would be released on Tuesday, Jan. 7, the full-year average inflation across the Philippines would be 3.2 percent in 2024.

Despite the bourse’s climb, only banks and service firms registered gains. Index heavyweights SM Investments Corp. (down 0.99 percent to P899) and SM Prime Holdings Inc. (down 0.2 percent to P25.15) slightly pulled down the conglomerates and property firms, respectively.

International Container Terminal Services Inc. was the top-traded stock as it climbed by 2.8 percent to P410.60 each, followed by BDO Unibank Inc., up 2 percent to P147.90; Dito CME Holdings, which surged by 14.95 percent to P2.23; DigiPlus Interactive Corp., down 3.45 percent to P27.95; and SM Investments.

Other actively traded stocks were Ayala Land Inc., up 0.19 percent to P27; Bank of the Philippine Islands, down 0.4 percent to P124; SM Prime; Synergy Grid and Development Phils Inc., up 3.48 percent to P11.90; and Jollibee Foods Corp., down 2.1 percent to P261 each.

Gainers edged out losers, 112 to 103, while 52 companies closed unchanged, stock exchange data also showed.