Positive news from US, Middle East pushes PSEI closer to 6,800

Easing tensions in the Middle East and positive news from the United States lifted the local stock market on Monday, with the benchmark index inching closer to 6,800.

The Philippine Stock Exchange Index (PSEi) rallied by 2.13 percent, or 140.89 points, to 6,769.64 by the end of the session.

Likewise, the broader All Shares Index increased by 1.45 percent, or 50.53 points, to 3,543.28.

A total of 604 million shares valued at P5.32 billion changed hands, while net purchases worth P1.18 billion made by foreigners further helped lift the market.

Claire Alviar, research analyst at Philstocks Financial Inc., said bargain hunters also fueled the boost, as they took advantage of the declines in the past few weeks.

“Positive cues from the US markets last Friday and the easing tensions in the Middle East contributed to the market’s gain,” she added.

Banks, buoyed by BDO Unibank Inc. and Bank of the Philippine Islands (BPI), moved higher by 2.89 percent.

International Container Terminal Services Inc. was the top-traded stock as it gained 3 percent to P336.20 per share.

It was followed by BDO, which surged by 4.03 percent to P149.80 each; BPI, up 3.20 percent to P129; DigiPlus Interactive Corp., unchanged at P10.50; and Ayala Land Inc., up 3.33 percent to P29.50 per share.SM Prime Holdings Inc. went up by 1.59 percent to P28.80; Manila Electric Co., down 0.38 percent to P367 after posting higher first-quarter earnings; Metropolitan Bank and Trust Co., up 0.72 percent to P70; SM Investments Corp., up 1.47 percent to P969; and ACEN Corp., up by 6.35 percent to P4.02 each.

Overall, there were 120 advancers against 74 losers, while 49 companies were unchanged at closing, stock exchange data showed.

First Metro Investment Corp. and University of Asia and the Pacific earlier said in their latest The Market Call report that they still expected a “weak” second quarter for the local bourse as investors kept their eyes on geopolitical conflicts. —Meg J. Adonis INQ