The Philippine Stock Exchange index (PSEi) made a remarkable recovery on Monday, surging over 6,500 and reversing the losses of the previous five sessions. Investors are optimistic that the current monetary tightening cycle is coming to an end, leading to the rally. The PSEi soared 2.03% or 129.54 points to reach 6,523.09, while the broader All Shares index rose 1.63% or 55.71 points to 3,470.46. Finance Secretary Benjamin Diokno expressed his belief that the Bangko Sentral ng Pilipinas (BSP) would take a “long pause” in raising rates due to cooling inflation expectations.
Juan Paolo Colet, the managing director at investment bank China Bank Capital Corp., described Monday’s rally as “the best single day performance of PSE this year.” He attributed the positive sentiment to the expectation that the BSP will not increase its policy rate for the remainder of the year.
READ: BSP policy rate kept at 6.25%
All subsectors experienced gains, with industrials and holding firms leading the pack with increases of 2.47% and 2.4%, respectively. Notably, Metro Pacific Investments Corp. saw a nearly 4% jump in its stock price. Despite ongoing valuation reviews, the company’s shares are trading above its proposed tender offer price of P2.59. However, trading volume remained low, with 513.77 million shares valued at P4.3 billion changing hands. Foreigners acted as net buyers, purchasing a total of P708.3 million.
The top traded stock was BDO Unibank Inc., which closed flat at P140 per share. SM Investments Corp. followed with a 2.14% increase to P929, and Metro Pacific rose 3.71% to P4.75.
In terms of market performance, there were 100 advancers against 70 losers, with 56 companies closing unchanged, as reported by the stock exchange. INQ
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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.
