ICTSI shares surge following ‘shallow’ US recession forecast

The Philippine Stock Exchange Index (PSEi) saw a modest rebound from the previous session’s selloff while billionaire Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) rallied despite global recession concerns. By the closing bell, the PSEi rose 0.84 percent, or 54.96 points, to 6,580.12 while the broader All Shares index added 0.34 percent, or 11.54 points, to 3,437.40.

PSE subsectors were mainly higher as services took the lead with a gain of 2.63 percent. It was followed by holding firms, up 1.27 percent; mining and oil, up 0.63 percent and property, up 0.1 percent.

Industrial and financial stocks sank 0.46 percent and 0.21 percent, respectively.

ICTSI jumped nearly 7 percent after Reuters released a survey of economists showing a “shallow” recession in the United States was expected in the coming year, which could temper the impact on global trade.

Meanwhile, a total of 516.9 million shares valued at P6.1 billion changed hands while foreigners were net sellers for the amount of P335.1 million, stock exchange data showed.

SM Prime Holdings Inc. was the top traded stock as it closed flat at P34.70 per share.

It was followed by BDO Unibank Inc., flat at P129; ICTSI, up 6.84 percent to P203; SM Investments Corp., up 2.2 percent to P930; and Ayala Land Inc., up 0.69 percent to P29.20 per share. Jollibee Foods Corp. was down 0.08 percent to P236.80; PLDT Inc., up 1.76 percent to P1,730; Universal Robina Corp., up 1.64 percent to P136.60; Globe Telecom, down 1.01 percent to P2,160; and ACEN Corp., down 2.68 percent to P7.25 per share.

Overall, there were 92 advancers against 84 losers while 47 companies closed unchanged.

—Miguel R. Camus