PSEI nears 6,800 on earnings data

The local bourse nearly breached the 6,800 barrier on the last trading day of the week as excited investors awaited more first-semester earnings results.

By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 1.29 percent, or 86.68 points, to 6,791.69, its highest since April 4.

Meanwhile, the broader All Shares Index added 0.69 percent, or 24.97 points, to 3,627.83.

A total of 587.69 million shares worth P6.84 billion changed hands as foreigners made net purchases worth P1.44 billion, stock exchange data showed.

Apart from strong foreign buying, the bourse was lifted by traders who were energized by the record earnings reported by Zobel family-led Bank of the Philippine Islands (BPI), according to Philstocks Financial Inc.

BPI’s earnings in the first half of the year reached P30.6 billion, up by 21.5 percent on higher revenues.

Banks led the gainers with a 2.53-percent increase as Sy family-led BDO Unibank Inc., the top-traded stock, rallied by 4.42 percent to P148.80 each.

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It was followed by Ayala Land Inc., up 2.42 percent to P31.70; BPI, up 1.43 percent to P127.80; SM Investments Corp., up 1 percent to P911; and Metropolitan Bank and Trust Co., up 2.19 percent to P70 per share.

SM Prime Holdings Inc. was up 1.51 percent to P30.25; Ayala Corp., up 1.19 percent to P597; Bloomberry Resorts Corp., down 1.68 percent to P8.76; International Container Terminal Services Inc., up 1.87 percent to P369.80; and Universal Robina Corp., up 1.09 percent to P120.30.

There were 96 gainers against 75 losers, while 65 companies were unchanged at closing.