Philippine shares rise after 9-day drop
Philippine shares finally picked up on Wednesday as investors took advantage of lower prices, snapping the nine-session losing streak caused by escalating tensions in the Middle East.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) gained by 0.7 percent, or 45.07 points, to 6,450.04. The broader All Shares Index also rose by 0.59 percent, or 20.17 points, to 3,430.02.
A total of 595.37 million shares valued at P5.89 billion changed hands, stock exchange data showed.
“Investors took the opportunity to buy bargains near the 6,400 support level. Adding to the positive sentiment, the International Monetary Fund (IMF) revised its growth forecast for the Philippine economy to 6.2 percent for 2024,” said Claire Alviar, research analyst at Philstocks Financial Inc.
The IMF’s prediction beats the 5.5-percent gross domestic product growth recorded in 2023.
AB Capital Group executive chair Antonio Periquet Jr. also said investors were now more inclined to buy shares as they anticipated policy rate cuts in the future.
Only property firms declined, as Ayala Land Inc. and SM Prime Holdings Inc. went down.
Sy family-led conglomerate SM Investments Corp. was the top-traded stock as it rose by 0.64 percent to P938 per share.
It was followed by Ayala Land, down 0.92 percent to P26.95; and International Container Terminal Services Inc., up 0.25 percent to P315. —INQ
