Fed rate cut pushes up PSEi some more
The Philippine Stock Exchange Index (PSEi) climbed closer to the 6,300 barrier on Friday. This, as optimism over the American central bank’s rate cut continued, sending a frenzy to equities.
By the closing bell, the benchmark PSEi had jumped 0.5 percent or 30.87 points to end at 6,264.49.
Likewise, the broader All Shares Index added 6.36 points to close at 3,740.81.
A total of 2.11 billion shares worth P14.3 billion changed hands, stock exchange data showed.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors remained optimistic over the US Federal Reserve’s rate cut.
At the same time, Ricafort noted that Japan Credit Rating Agency’s move to affirm the Philippines’ “A-“ rating with a “stable” outlook helped boost traders’ mood.
Banks again finished strong, with BDO Unibank Inc. rallying by 4.79 percent to P150.90 each, and Bank of the Philippine Islands rising 0.44 percent to P114.50 per share.
International Container Terminal Services Inc. was the most actively traded stock as it climbed 0.39 percent to P509. It was followed by Aboitiz Power Corp., up 0.8 percent to P43.85, and Manila Water Co. Inc., down 0.78 percent to P38.20 each.
Others were Security Bank Corp., flat at P76.50; Ayala Land Inc., also unchanged at P26.95; AREIT Inc., up 0.56 percent to P45.15; RL Commercial REIT Inc., up 0.98 percent to P8.26; and SM Prime Holdings Inc., down 1.45 percent to P23.75 per share.
Losers outnumbered gainers, 105 to 93, while 57 companies closed flat, stock exchange data also showed.
