Blue-chip rally endures on rosy earnings
The benchmark Philippine Stock Exchange Index (PSEi) flirted with the 6,300 level on Friday as investors continued to cheer cooler inflation and positive corporate earnings results.
By the closing bell, the PSEi climbed by 1.26 percent or 78.33 points to 6,298.29.
Likewise, the broader All Shares Index added 0.68 percent or 25.10 points to close at 3,724.2.
A total of 528.06 million shares worth P6.33 billion changed hands as foreigners made net purchases worth P158.85 million, stock exchange data showed.
The PSEi jumped as high as 6,306.17 within the day before settling at just below the 6,300 level. This marks the index’s fifth consecutive session of gains.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the winning streak was due to the country’s inflation slowdown in February as well as “satisfactory” corporate results.
Services firms led the gainers as index heavyweight and top-traded stock International Container Terminal Services Inc. (ICTSI) jumped by 8.15 percent to P385 each.
ICTSI earlier disclosed that busier trading activities boosted its earnings by 66 percent to $849.8 million last year.
It was followed by BDO Unibank Inc., up 1.61 percent to P157.50; Bank of the Philippine Islands, up 1.08 percent to P131.40; Ayala Land Inc., flat at P23.45; and DigiPlus Interactive Corp., up 4.07 percent to P37.05.
Other actively traded stocks were JG Summit Holdings Inc., up 0.55 percent to P18.12; Metropolitan Bank and Trust Co., up 0.7 percent to P71.50; Jollibee Foods Corp., up 0.32 percent to P252.80; and SM Prime Holdings Inc., up 0.21 percent to P24.35.
