PSEi pushes further into 6,300 territory
Favorable remittance data allowed the local bourse to end the trading week in the green territory and reclaim the 6,300 level.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had gained 0.38 percent, or 24.08 points, to close at 6,315.93.
Likewise, the broader All Shares Index added 0.22 percent, or 8.20 points, to end at 3,751.23.
A total of 1.55 billion shares worth P10.35 billion changed hands, stock exchange data showed. Foreigners also helped lift the index, with net inflows totaling P100.92 million.
Wendy Estacio-Cruz, research head at Unicapital Securities Inc., said the bourse’s climb was due mainly to June cash remittances growing by 3.7 percent year-on-year to $2.99 billion.
Remittances play a number of key roles in boosting the country’s economy, including through foreign exchange inflows and investments.
DigiPlus Interactive Corp. was the most actively traded stock as it rallied 8.11 percent to P26 each, followed by BDO Unibank Inc., up 0.69 percent to P145; International Container Terminal Services Inc., up 0.83 percent to P485; SM Investments Corp., up 0.76 percent to P796; and Bloomberry Resorts Corp., which also surged by 9.09 percent to P3.60 each.
Others were Manila Electric Co., up 3.7 percent to P560; Bank of the Philippine Islands, up 0.42 percent to P118.50; Ayala Land Inc., down 1.5 percent to P26.35; Ayala Corp., flat at P606; and San Miguel Corp., down 7.11 percent to P55.55 per share.
Losers edged out gainers, 109 to 83, while 57 companies closed flat, stock exchange data also showed.
