PSEi hurtles past 7,000 on rate action speculations

Large conglomerates and internet providers pushed the benchmark Philippine Stock Exchange index (PSEi) higher on Thursday as investors entered bets hours before the Monetary Board’s meeting later in the day.

The PSEi gained 1.04 percent, or 73.18 points, to 7,082.61 while the broader all-shares index rose 0.93 percent, or 34.60 points, to 3,759.35.

Notable gainers were Converge ICT Solutions, up over 3.7 percent, and PLDT Inc., up 2.58 percent. SM Investments Corp. also rose over 2 percent on Thursday’s trading.

After the market closed, the Monetary Board decided to maintain the benchmark rate at a record low 2 percent but that regulators were ready to respond to inflation pressures (See related story on Page B1).

An ING Bank senior economist in the Philippines warned that delaying monetary tightening to stamp down the inflation threat could hurt the economy.

The mining and oil subsector rallied 4.92 percent while holding firms and industrial stocks rose. Financials and property fell.

PSE data showed 15.1 billion shares valued at P7.83 billion changing hands. Overall, 108 companies advanced against 64 decliners while 58 closed unchanged.

SM Investments Corp. was the most actively traded on Thursday as it rose 2.08 percent to P885 per share.

It was followed by Converge ICT Solutions Inc., up 3.78 percent to P27.80; SM Prime Holdings Inc., down 2.44 percent to P37.95; PLDT Inc., up 2.58 percent to P1,831; and Metropolitan Bank & Trust Co., down 1.85 percent to P52.95 per share.