Tariff pause, bargain hunt lift PSEi above 6,400
Investors were energized enough to push the benchmark index back to the 6,400 level on Wednesday. This was after US President Donald Trump decided to delay his latest tariff threat.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.64 percent, or 41.18 points, to 6,425.8.
Also, the broader All Shares Index rose by 0.47 percent, or 17.56 points, to close at 3,753.10.
A total of 601 million shares worth P6.3 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the index gained both due to bargain hunting and positive spillovers from Wall Street.
US stocks gained overnight as a reaction to Trump’s move to delay a 50-percent import tariff on European Union products to July 9 from June 1 originally.
As a result, all subsectors rose, with banks showing the steepest climb.
International Container Terminal Services Inc. was the most actively traded stock as it gained 1.33 percent to P410.20 each. It was followed by BDO Unibank Inc., up 2.18 percent to P164.10; Bloomberry Resorts Corp., up 1.09 percent to P4.65; Ayala Land Inc., up 0.63 percent to P24; and Bank of the Philippine Islands, up 0.65 percent to P139 per share.
Others were Ayala Corp., down 1.46 percent to P575.50; SM Prime Holdings Inc., down 0.22 percent to P22.95; JG Summit Holdings Inc., up 2.35 percent to P21.80; Jollibee Foods Corp., down 0.67 percent to P238.60; and SM Investments Corp., up 0.12 percent to P851 each.
Gainers edged out losers, 118 to 80, while 48 companies closed flat, stock exchange data also showed.
