PSEi tops 6,100 on WB upgrade

Philippine stocks rose on Thursday as investors welcomed the World Bank’s decision to upgrade the Philippines to upper middle-income status, while an improvement in factory activity also helped support sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) gained 0.93 percent or 56.46 points to close at 6,125.72.

According to Philstocks Financial Inc., investors digested the World Bank’s reclassification of the Philippine economy, a move seen as a positive signal for the country’s long-term growth prospects.

The market likewise drew support from the slight improvement in the Philippines’ manufacturing activity, with the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) inching up to 50.9 in June from 50.8 in May.

“Market sentiment remained upbeat following news of an improved manufacturing PMI for June. The positive macro signal supported risk appetite and sustained demand for equities,” Luis Limlingan, head of sales at Regina Capital Development Corp., said.

Despite the gains, trading activity remained subdued as net value turnover reached only P5.37 billion, indicating cautious participation from investors.

Foreign investors also stayed on the sidelines, ending the session as net sellers with outflows amounting to P199.83 million.

Sectoral performance was broadly positive, with only the industrial index finishing in negative territory after slipping by 0.11 percent. Mining and oil stocks led the advance, climbing 2.45 percent.

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Among index members, Jollibee Foods Corp. emerged as the day’s biggest gainer after jumping 6.29 percent to P148.80.

Meanwhile, Aboitiz Equity Ventures Inc. was the session’s main laggard, shedding 2.39 percent to P32.70.

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