PSEi nears 6,100 as bargain hunters relish dovish bets

The local stock barometer settled just below 6,100 on Wednesday as optimism over the central bank’s next move intensified, especially after inflation in September had ended slower than expected.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) gained 0.25 percent, or 14.91 points, to close at 6,098.74.

Likewise, the broader All Shares Index added 0.31 percent, or 11.43 points, to 3,684.65.

A total of 4.54 billion shares worth P6.38 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors continued shopping for shares ahead of the next policy meeting of the Bangko Sentral ng Pilipinas’ Monetary Board (MB) on Thursday, Oct. 9.

The MB is expected to price in the 1.7-percent faster inflation print in September, although this was slower than the 2 percent forecast of analysts.

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International Container Terminal Services Inc. was the most actively traded stock as it climbed 3.02 percent to P528. It was followed by: Philex Mining Corp., which surged by 12.22 percent to P10.10; BDO Unibank Inc., up 0.43 percent to P140; Bank of the Philippine Islands, down 3.63 percent to P108.70; and Ayala Land Inc., down 1.88 percent to P23.55 each.

Others were: Converge ICT Solutions Inc., up 3.81 percent to P13.08; Ayala Corp., up 1.16 percent to P490; Universal Robina Corp., up 2.82 percent to P76.60; Jollibee Foods Corp., down 0.45 percent to P219; and Apex Mining Co. Inc., up 1.69 percent to P10.86 per share.

Gainers edged out losers, 94 to 92, while 65 companies closed flat, stock exchange data also showed.