PSEi rises on hopes for softer BSP stance
Philippine stocks bounced back on Tuesday as investors hoped the Bangko Sentral ng Pilipinas (BSP) would temper its policy tightening amid the country’s latest economic growth figures.
The benchmark Philippine Stock Exchange Index (PSEi) gained 0.6 percent or 37.68 points to close at 6,326.89.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the softer second quarter gross domestic product growth outlook eased concerns over additional monetary tightening.
“Investors responded positively, supporting selected gains across the market,” Limlingan said.
Trading activity remained tepid, with net value turnover reaching P4.97 billion.
Foreign investors, however, provided support to the market. They ended the session as net buyers, posting net inflows of P179.33 million.
Market breadth was slightly positive, with gainers edging out losers by seven issues.
Among sectors, mining and oil led the advance after gaining 2.18 percent. Holding firms were the weakest, shedding 0.12 percent.
Jollibee Foods Corp. (JFC) emerged as the day’s top index gainer, jumping 5.05 percent to P156 per share.
JFC rallied after reporting record second-quarter earnings, with net income attributable to equity holders of the parent company reaching P3.4 billion.
Semirara Mining and Power Corp., meanwhile, was the main index laggard. Shares plunged 6.14 percent to P18.04 each.
Analysts said the mixed market indicators reflected continued caution despite the PSEi’s advance, as investors weighed the country’s economic prospects against lingering external risks.
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