Rosy investment data extend PSEI rally

FILE PHOTO

The local bourse extended its rally on Tuesday due to encouraging investment data, along with an anticipated monetary policy easing in the United States, the benefits of which are expected to spill over to the Philippines.

The benchmark Philippine Stock Exchange Index (PSEi) again broke its record this year as it marched closer toward 7,200, a level that it has not touched since March 2022.

By the closing bell, the PSEi added one percent, or 71.16 points, to 7,175.36. Meanwhile, the broader All Shares Index gained 0.79 percent, or 30.17 points, to 3,850.17.

READ: Most Asian markets up ahead of Fed but Tokyo hit by strong yen

Japhet Tantiangco, research manager at Philstocks Financial Inc., said investors “showed appreciation” for the Board of Investments’ (BOI) approved pledges as of Sept. 16.

The BOI has so far approved a record-high P1.35 trillion worth of investments this year, with renewable energy projects driving growth. This is up by 82 percent from a year ago.

Tantiangco also noted that hopes of a dovish monetary policy outlook for both the US Federal Reserve and the Bangko Sentral ng Pilipinas “helped in keeping the market’s upward movement.”

Value turnover was at P6.28 billion, higher than the year-to-date average of P5.03 billion, Philstocks data showed. Foreigners made net purchases worth P806.45 million.

The conglomerates led the gainers with a 1.85-percent increase, buoyed by rallies at Ayala Corp. and SM Investments Corp.

Index heavyweight International Container Terminal Services Inc. was the most actively traded stock as it declined by 2.03 percent to P405 each.