PSEi rises further on inflation euphoria

The local bourse returned to the 6,200 level on Thursday as investors continued to cheer the cooler-than-expected February inflation report.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.6 percent or 98.19 points to close at 6,219.96.

The broader All Shares Index likewise added 0.94 percent or 34.56 points to close at 3,699.1.

A total of 629.31 million shares worth P6.84 billion changed hands as foreigners made net purchases worth P 276.73 million, stock exchange data showed.

This marks the PSEi’s comeback above the 6,200 level after a month as optimism over cooler February inflation spilled over to Thursday, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Last month, inflation slowed to 2.1 percent from the 2.9 percent recorded in January due to lower food prices.

Ayala-led Bank of the Philippine Islands was the top-traded stock as it closed higher by 1.17 percent to P130 per share.

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It was followed by BDO Unibank Inc., up 1.37 percent to P155; International Container Terminal Services Inc., which surged by 5.64 percent to P356 after posting higher earnings; Ayala Land Inc., up 0.86 percent to P23.45; and Manila Electric Co., up 1.49 percent to P505 each.

Other actively traded stocks were JG Summit Holdings Inc., up 1.46 percent to P18.02; Metropolitan Bank and Trust Co., up 1.21 percent to P71; SM Investments Corp., up 1.99 percent to P821; Converge ICT Solutions Inc., down 1.73 percent to P17.08; and SM Prime Holdings Inc., up 2.97 percent to P24.30 per share.

Gainers outnumbered losers, 108 to 82, while 59 companies closed unchanged, stock exchange data also showed.