Risk-taking rises ahead of long weekend

The local bourse rebounded on the last day of a shortened trading week after a brief setback as investors took heart from Wall Street gains.

By the end of the session on Thursday, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 0.89 percent, or 61.34 points, to 6,961.96, one of its highest closing values this year.

Stock exchange data showed that a total of 653.22 million shares worth P7 billion had changed hands.

Foreigners also helped lift the market closer to 7,000 as they made net purchases worth P2.34 billion.

Japhet Tantiangco, research manager at Philstocks Financial Inc., said investors took cues from gains in the US market overnight.

This came as the Federal Reserve hinted at a rate cut in September.

Banks registered the steepest climb with a 2.52-percent rise, buoyed by increases at the country’s top banks.

International Container Terminal Services Inc. was the top-traded stock as it rose by 1.51 percent to P417.20 each.

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It was followed by BDO Unibank Inc., up 3.7 percent to P154; ACEN Corp., down 4.76 percent to P5.20; Bank of the Philippine Islands, up 2.63 percent to P124.80; and DigiPlus Interactive Corp., up 4.23 percent to P20.95.

Other actively traded stocks were SM Investments Corp., up 0.32 percent to P935; SM Prime Holdings Inc., down 0.17 percent to P29.70; Metropolitan Bank and Trust Co., up 1.56 percent to P74.80; Converge ICT Solutions Inc., up 3.6 percent to P14.98; and Ayala Land Inc., down 1.36 percent to P32.75 per share.

Advancers edged out losers, 117 to 80, while 43 companies closed unchanged, stock exchange data also showed.