PSEi nears 6,100 as earnings season unfolds

The local bourse made a steep recovery on Tuesday and neared the 6,100 mark as investors cheered the cash remittances reaching a record high, as well as positive corporate earnings results.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.69 percent, or 101.48 points, to 6,094.96.

The broader All Shares Index likewise added 1.88 percent, or 67.78 points, to close at 3,678.94.

A total of 1.06 billions shares worth P6.3 billion changed hands, with foreign outflows totaling P199.76 million, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., explained that the market rally was due to traders reacting positively to news that money sent home by Filipinos overseas had increased by 3 percent in 2024 to $34.49 billion, the highest in history.

At the same time, investors welcomed the record-high earnings of SM Prime Holdings Inc. and Bank of the Philippine Islands (BPI), among others.

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Property firms saw the best recovery as SM Prime (up 4.58 percent to P22.85) and Ayala Land Inc. (up 5.13 percent to P23.55) both surged.

The two firms were the top-traded stocks, followed by BDO Unibank Inc., up 3.17 percent to P143; International Container Terminal Services Inc., flat at P350; and BPI, up 0.78 percent to P129 each.

Other actively traded stocks were: Globe Telecom Inc., up 1.32 percent to P2,300; Jollibee Foods Corp., up 1.58 percent to P257; Metropolitan Bank and Trust Co., up 1.02 percent to P74; Ayala Corp., up 0.27 percent to P551.50; and Aboitiz Power Corp., up 3.81 percent to P43.60 per share.