PSEi Recovers to 6,400 Level Amid Positive Investor Sentiment

MANILA, Philippines — The local stock market sustained its rally, as positive investor sentiment fueled the main index to make a successful return to the 6,400 level. The benchmark Philippine Stock Exchange index (PSEi) surged by 1.25 percent or 78.96 points to end at 6,404.11, while the broader All Shares index climbed by 0.89 percent or 30.36 points to 3,444.07. First Metro Securities said Philippine equities closed the week on a confident note as investors looked past the weakness in global technology stocks and instead focused on an improving domestic backdrop. “Despite intermittent caution from renewed Middle East tensions and elevated oil prices, risk appetite remained intact,” it said. Luis Limlingan of Regina Capital, for his part, said the local bourse stayed in positive territory as investor sentiment remained upbeat amid a constructive outlook for the Philippine economy. Limlingan said optimism was supported by expectations that factory activity will continue expanding in the coming months. “Meanwhile, resilient remittance inflows are expected to provide continued support for domestic consumption and economic growth,” Limlingan said. All sectors were in the green, except for mining and oil, which shed 0.82 percent. Leading the charge were the property and holding firms, which jumped by 2.62 percent and 2.07 percent, respectively. Total turnover value capped off the week at P6.18 billion. Foreigners were net buyers with net inflows reaching P857.49 million. Market breadth was positive as advancers pummeled decliners, 103 to 85, while 52 issues were changed. ICTSI was the session’s top traded stock, rising by 0.81 percent to P998 per share. It was followed by Ayala Land, which was the day’s index leader, gaining by 5.72 percent to P17 and Globe, which advanced by 2.52 percent to P1,870. Century Pacific was the main index laggard, plunging by 1.25 percent to P31.60.