The Philippine Stock Exchange index (PSEi) closed the week on a positive note, with bargain hunters supporting the market. The PSEi increased by 0.73%, adding 46.92 points to reach 6,508.34, while the broader All Shares index rose by 0.67%, gaining 23.04 points to reach 3,467.11.
According to Luis Gerardo Limlingan, head of sales at Regina Capital Development, Philippine shares were purchased due to speculation that rate hikes would come to an end following the Federal Reserve’s decision not to increase rates at its recent meeting.
Trading data showed that 993.78 million shares, with a total value of P53.5 billion, were traded. Foreign investors were net buyers, with a total amount of P6.06 billion.
The increase in trading volume was mainly driven by a P44.57-billion block sale by Bank of the Philippine Islands (BPI). The bank’s property dividends, involving 406.2 million shares, were paid on Friday.
Among the PSE subsectors, mining and oil and financials saw declines, while services, property, industrial, and holding firms showed positive momentum.
The top traded stock was Ayala Corp., which saw a decline of 3.15% to P615 per share. Other top traded stocks include BPI, BDO Unibank Inc., SM Prime Holdings Inc., and Ayala Land Inc.
Overall, there were 96 advancers, 81 losers, and 43 companies that closed unchanged, according to stock exchange data.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
