PSEi extends win streak as the Middle East grows calmer
Easing tensions in the Middle East encouraged investors to hunt for bargains on Friday. This allowed the Philippine Stock Exchange index (PSEi) to register a four-day winning streak.
The benchmark PSEi rose by 1.23 percent, or 77.62 points, to settle at 6,408.27. Meanwhile, the All-Shares index climbed by 0.84 percent, or 31.61 points, to close at 3,792.06.
“Receding geopolitical risks allowed investors some breathing room to price in the BSP’s (Bangko Sentral ng Pilipinas) latest rate cut, thus pushing the benchmark index higher today with property companies leading the charge,” AP Securities Inc. research head Alfred Benjamin Garcia said.
Last week, the BSP cut the policy rate by 25 basis points to 5.25 percent.
The property index was the biggest winner with 2.79-percent uptick. This was led by Ayala Land Inc. (ALI) and SM Prime Holdings (SMPH). These are the top two most actively traded stocks on Friday.
ALI shares rose by 4.67 percent to P25.80 each while SMPH shares climbed 2.67 percent to P23.05 apiece.
All the subsectors were in the green except for the mining and oil index, which fell 1.84 percent.
Among the most actively traded shares were that of International Container Terminal Services Inc., up 1.84 percent to P420.60; Bank of the Philippine Islands, down 0.75 percent to P133.20; DigiPlus Interactive Corp., down 2.07 percent to P56.90; and BDO Unibank Inc., up 0.65 percent to P156.
Other active names were Bloomberry Resorts, up 0.97 percent to P5.18; SM Investments Corp., up 1.15 percent to P880; Metropolitan Bank & Trust Co., flat at P72.75; and Ayala Corp., up 2.72 percent to P565.50.
Over 1.66 billion shares valued at P6.51 billion were traded. Winners led losers, 129-63, while 52 issues were unchanged.
“The PSEi rose as investors picked up bargains across key sectors, supported by a calmer external backdrop and stable domestic conditions,” Regina Capital Development Corp. head of sales Luis Limlingan added.
