PSEi rises on news of US ‘trade deals’
Investors cheered the United States’ “multiple trade deals” with various countries, signaling a possible easing of the global trade war and enabling the local bourse to break the 6,300 barrier on Wednesday.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.64 percent, or 102.8 points, to close at 6,354.99.
Also, the broader All Shares Index gained by 1.11 percent, or 41.07 points, to 3,727.3.
A total of 727.5 million shares worth P8.28 billion changed hands, stock exchange data showed. Foreign investors also helped lift the bourse with inflows totaling P986.27 million.
Claire Alviar, assistant manager for research at Philstocks Financial Inc., said the PSEi took cues from Wall Street. US stocks also gained overnight amid the major trade deal announced by the White House and easing automotive tariffs.
Property firms led the gainers with a 3.55-percent surge, due mostly to SM Prime Holdings Inc.’s 6.33-percent rally to P24.35 each.
This came a day after the real estate giant reported record first-quarter earnings of P11.7 billion, up by 11 percent.
Banks also surged by 2.68 percent as Bank of the Philippine Islands (BPI) and Metropolitan Bank and Trust Co. (Metrobank) both gained by more than 5 percent.
BDO Unibank Inc. was the top-traded stock as it shed 0.19 percent to P160.40, followed by International Container Terminal Services Inc., down 2.8 percent to P340.20; BPI, up 5.26 percent to P140; Metrobank, up 6.51 percent to P76.90; and SM Prime.
Others were SM Investments Corp., up 1.75 percent to P870; Ayala Land Inc., up 3.51 percent to P25.05
