PSEi shrugs off Trump troubles

Positive corporate earnings results managed to give the local bourse a lift on Tuesday, with investors brushing off tensions in the West.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.12 percent, or 7.59 points, to close at 6,145.59.

The broader All Shares Index likewise climbed by 0.19 percent, or 6.83 points, to 3,652.14.

A total of 593 million shares worth P4.84 billion changed hands, stock exchange data showed. Foreigners again opted to shed their stocks, with outflows totaling P38.76 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said traders were mostly optimistic over the last leg of 2024 earnings results.

This comes despite US President Donald Trump’s questioning the policy approach of Jerome Powell, chair of the Federal Reserve.

Trump had called on the American central bank to lower interest rates to jolt life back in the US economy, and hinted at Powell’s possible termination.

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Only banks ended in the red territory as index heavyweights BDO Unibank Inc. and Bank of the Philippine Islands (BPI) both closed lower.

DigiPlus Interactive Corp. was the top-traded stock as it rose by 2.56 percent to P36 each, followed by BDO, down 0.12 percent to P163; Manila Electric Co., up 1.14 percent to P574.50; Ayala Land Inc., up 1.88 percent to P24.40; and SM Prime Holdings Inc., up 0.46 percent to P22 per share.

Others were Ayala Corp., down 1.35 percent to P549; Jollibee Foods Corp., down 3.17 percent to P226.40; International Container Terminal Services Inc., down 0.29 percent to P339; BPI, down 0.07 percent to P135; and Apex Mining Co. Inc., up 1.58 percent to P7.06 each.