PSEi powers through on banks’ performance

Philippine Stock Exchange, Bonifacio Global City | INQUIRER PHOTO/LYN RILLON

Positive third-quarter earnings results from the country’s biggest banks managed to pull the bourse from the red territory on Monday.

The benchmark Philippine Stock Exchange Index (PSEi) added 0.40 percent, or 29.01 points, to close at 7,343.24.

Likewise, the broader All Shares Index climbed by 0.47 percent, or 18.93 points, to 4,036.20.

A total of 873.27 million shares worth P4.13 billion changed hands, stock exchange data showed.

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Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi’s recovery was brought about by optimistic earnings results, particularly from BDO Unibank Inc.

The country’s largest bank again posted the highest nine-month earnings in Philippine corporate history, ending the period with P60.6 billion in net income, up by 12 percent.

Union Bank of the Philippines and Philippine National Bank likewise booked higher profits.

Bank of the Philippine Islands was the most actively traded stock as it gained 0.96 percent to P147.40 per share.

It was followed by BDO, up 0.19 percent to P160; International Container Terminal Services Inc., up 0.24 percent to P413.80; GT Capital Holdings Inc., up 1.89 percent to P728; and SM Investments Corp., up 0.10 percent to P964.

Semirara Mining and Power Corp. was down 4.46 percent to P32.15; SM Prime Holdings Inc., up 0.98 percent to P30.90; Ayala Land Inc., down 0.57 percent to P34.60; Ayala Corp., flat at P720; and Universal Robina Corp., up 1.51 percent to P101 each.

There were 99 losers against 90 gainers, while 55 companies were unchanged at closing, stock exchange data also showed.