A rebalancing of the MSCI Philippines Index, which measures the performance of large and mid-cap companies listed on the Philippine Stock Exchange, prompted fund managers to adjust their investments portfolios and gave the main PSEi a much needed boost.
Prior to the opening bell on Wednesday, the MSCI Inc. announced it has removed JG Summit Holdings Inc. and its unit Universal Robina Corp. from the standard global index for the Philippines.
JG Summit and Universal Robina were transferred to the small cap index together with Monde Nissin Corp., prompting a portfolio rebalancing by fund managers that track the indices.
“The latest MSCI rebalancing results reflected the latest inflow and outflow from the quarterly review,” Luis Limlingan, managing director at Regina Capital and Development Corp., said.
The bellwether PSEi advanced by 56.38 points or 0.94 percent to close at 6,044.13, while the broader All Shares gained 12.16 points or 0.34 percent to 6,619.19.
Gainers led losers 103 to 74, while 64 stocks closed unchanged. Trading value reached P5.84 billion on a 533.69 million turnover volume.
Among the heavily traded shares, International Container Terminal Services Inc. rose P8 to P340. Bank of the Philippine Islands gained P3 to P131. BDO Unibank Inc. lost P1.80 to P139. Universal Robina Corp. dropped P0.70 to P61.20. Metropolitan Bank and Trust Co. shed P0.25 to P71.20. JG Summit Holdings Inc. dipped P0.06 to P14.96. SM Prime Holdings Inc. added P0.10 to settle at P23.40. SM Investments Corp. advanced P20.50 to P814.50. Monde Nissin Corp. gained P0.45 to P8. Globe Telecom Inc. dropped P30 to end at P2,250.
