Peaceful polls push up PSEi
A “generally peaceful” midterm elections propelled the local bourse toward one of its highest closing values this year.
By the end of the session on Tuesday, a day after Election Day, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.68 percent, or 108.62 points, to close at 6,566.82.
This is so far the PSEi’s best closing since Jan. 9.
The broader All Shares Index also closed higher by 1.13 percent, or 42.48 points, to 3,805.33.
A total of 1.2 million billion shares worth P8.9 billion changed hands, stock exchange data show.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., explained that the market’s rally was because of the “generally peaceful outcome” of the midterm elections.
Also, the United States and China’s agreement to pause their tariff war for 90 days further boosted sentiment.
“This is a good start to the shortened trading week, but sustaining this will now depend on the market’s reaction to upcoming data flows, including first-quarter corporate earnings and the US April inflation print,” Colet said.
Services firms led the gainers as index heavyweight International Container Terminal Services Inc. (ICTSI) surged by 5.71 percent to P407 each.
Ayala Land Inc. was the top-traded stock as it shed 1.53 percent to P22.50, followed by ICTSI; BDO Unibank Inc., up 1.14 percent to P168; SM Investments Corp., up 1.81 percent to P900; and Bank of the Philippine Islands, up 3.07 percent to P141 per share.
Others were Universal Robina Corp., up 1.64 percent to P93; Metropolitan Bank and Trust Co., up 3.21 percent to P80.50; Jollibee Foods Corp., down 0.85 percent to P233; SM Prime Holdings Inc., up 1.47 percent to P24.20; and Ayala Corp., up 3.4 percent to P608 each.
