PSEi edges ever closer to 6,400

The local bourse closed just below the 6,400 level on Friday as investors cheered better-than-expected economic data in the United States.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.22 percent, or 14.27 points, to close at 6,395.59.

Likewise, the broader All Shares Index climbed by 0.24 percent, or 9.12 points, to 3,785.31.

A total of 1.16 billion shares worth P9.86 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors reacted to cooler producer price index data in the United States.

According to Limlingan, this “reinforced hopes that inflationary pressures are easing.”

He said this might also pave the way for the US Federal Reserve to cut its benchmark interest rate. The Fed’s policy movements are often mirrored by the Bangko Sentral ng Pilipinas.

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The sectors back at home were mixed. Holding firms saw the steepest loss due to a 0.57-percent decline in index heavyweight SM Investments Corp. to P875.

BDO Unibank Inc. was the top-traded stock as it rose by 2.68 percent to P160.70, followed by SMIC; Bank of the Philippine Islands, up 0.14 percent to P138.70; International Container Terminal Services Inc., flat at P415; and Bloomberry Resorts Corp., which surged by 7.48 percent to P6.18 per share days after launching its new online gaming platform.

Others were Ayala Land Inc., up 1.67 percent to P24.35; DigiPlus Interactive Corp., down 3.38 percent to P62.80; Jollibee Foods Corp., down 3.25 percent to P226.20; ACEN Corp., up 4.4 percent to P2.61; and First Philippine Holdings Inc., up 13.82 percent to P86.50 each.