PSEi extends rally, climbs back to 6,300
Investors continued to ride the wave of optimism brought about by generally positive corporate earnings results and inflation data last month, allowing the local bourse to extend its rally on Monday.
The benchmark Philippine Stock Exchange Index (PSEi) reclaimed the 6,300 level after more than a month as it added 0.99 percent, or 62.48 points, to close at 6,360.77.
It has so far climbed for six consecutive sessions.
Likewise, the broader All Shares Index climbed by 0.66 percent, or 24.72 points, to 3,748.92.
A total of 627.42 million shares worth P6.41 billion changed hands, stock exchange data showed. Foreigners also returned to the local market as they made P1.41 billion worth of net purchases.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi’s extended winning streak was still due to better-than-expected February inflation data.
Traders brushed off the 2024 foreign direct investments data, which was relatively flat at $8.9 billion.
This also comes as more 2024 earnings reports come from the blue chips, with mostly ending with record-high net income.
International Container Terminal Services Inc. was the top-traded stock as it rose by 1.3 percent to P390 per share, followed by BDO Unibank Inc., up 0.32 percent to P158; Bank of the Philippine Islands, up 0.38 percent to P131.90; Universal Robina Corp., up 4.46 percent to P75; and Ayala Land Inc., up 0.21 percent to P23.50 each.
Other actively traded stocks were DigiPlus Interactive Corp., up 1.21 percent to P37.50; SM Prime Holdings Inc., up 2.67 percent to P25; Manila Electric Co., up 0.3 percent to P502; Philex Mining Corp., up 8.87 percent to P6.26; and Jollibee Foods Corp., up 4.43 percent to P264 per share.
Gainers overpowered losers, 122 to 76, while 48 companies closed unchanged, stock exchange data also showed.
