PSEi up yet again amid foreign buildup

Philippine stocks were mostly higher on Wednesday as large caps advanced and foreigners upped their holdings.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) rose by 0.88 percent or 58.08 points, to 6,679.96 while the broader All Shares index gained 0.51 percent or 17.88 points, to 3,511.44.

The PSEi rose for a third-straight session even when Bangko Sentral ng Pilipinas reaffirmed their hawkish view after earlier signaling the possibility that high interest rates could be rolled back earlier than expected.

Meanwhile, a total of 343.17 million shares valued at P5.64 billion changed hands while foreigners made net purchases of P341 million, stock exchange data showed.

Mining and oil (-0.93 percent) was the sole loser during the session while gainers were led by financials (+1.49 percent) and property (+0.84 percent). Holding firms rose 0.74 percent followed by services and industrial, which climbed 0.54 percent and 0.35 percent, respectively.BDO Unibank Inc. was the top traded stock on Wednesday as it rose 1.97 percent to P144.80 per share.

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Ayala Land Inc., up 0.58 percent to P34.50; SM Investments Corp., up 1.12 percent to 900; International Container Terminal Services Inc., up 1.07 percent to P246; and Jollibee Foods Corp., up 2.66 percent to P270 per share.GT Capital Holdings Inc. was up 2.96 percent P660; SM Prime Holdings Inc., up 1.36 percent to P33.50; Universal Robina Corp., flat at P112.40; Bank of the Philippine Islands, up 1.86 percent to P109.60; and Bloomberry Resorts Corp., up 3.07 percent to P10.76 per share.

Overall, there were 90 advancers against 86 losers while 65 companies closed unchanged, data from the stock exchange showed. —Miguel R. Camus INQ