PH shares move up as Europe, Japan keep rates steady

The benchmark Philippine Stock Exchange Index (PSEi) recovered from losses early in the session after the European Central Bank and Bank of Japan kept interest rates on hold, signaling that liquidity that has been a boost to the global equities market will stay in place.

The benchmark Philippine Stock Exchange Index closed Friday’s session up 1.08 percent, or 85.4 points, to 7,989.73.

By the noontime close, the PSEi was down 0.66 percent.

The broader all-shares index was up 0.44 percent, while all sub-counters ended positive. Subindex top gainers were led by property, up 1.67 percent, followed by holding firms, up 0.98 percent, and mining and oil, up 0.84 percent.

A total of 1.5 billion shares valued at P7.8 billion changed hands on Friday.

There were 82 gainers against 121 losers while another 53 companies closed unchanged.

The Ty family’s Metropolitan Bank & Trust Co. was the most actively traded on Friday as it lost 5 percent to P86.90 per share after a senior bank officer was arrested following an internal fraud scheme.

It was followed by Ayala Land Inc., up 0.6 percent to P42.15, Ty-led GT Capital Holdings, down 2.85 percent to P1,195, BDO Unibank Inc., up 1.98 percent to P123.90, and PLDT Inc., up 2.1 percent to P1,700 a share.