PSEi sustains hot streak

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Share prices ended higher Thursday as investors tracked the rebalancing of the MSCI portfolio for the Philippines.

The Philippine Stock Exchange index was up 323.90 points to 6,665.14, a 5.11 percent hike.

The broader all shares index was up 135.53 points to 4,034.92, a 3.48 percent hike.

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Gainers edged losers 145 to 60 with 39 stocks unchanged. Trading turnover reached P23.81 billion.

The peso closed at 47.985 to the dollar, up from 48.15 on Wednesday.

The currency opened at 48.18 and hit a high of 47.977 and a low of 48.19. Trading turnover reached $1.09 billion.

“The index continued its hot streak with the effect of the MSCI rebalancing taking place and window-dressing coming into full swing, while sentiment overseas was swayed as investors focused on retailers, travel, and leisure companies,” said Luis Limlingan, Regina Capital and Development Corp. managing director .

Limlingan said overseas, the US Treasury yields also declined, suggesting inflation concerns have subsided.

“Fed officials still firmly believe that the pickup in inflation is transitory, so eyes will be tuned to the release of the personal consumption expenditure index,” he said.

Japhet Tantiangco, analyst at Philstocks Financial Corp., said the uptick was “on the back of optimism towards more fiscal stimulus for the Philippine economy.”

“This comes as the Bayanihan to Arise as One bill gets set for a third and final reading at the House of Representatives. The bill, if passed into law and implemented, is seen to boost aggregate spending which in turn would help in the economic recovery,” he said.

Tantiangco said yesterday’s trading was strong with turnover hitting billion, “well above the year-to-date average of P8.1 billion.”

Foreign funds, however, remained sellers with an P889.04 million outflow.

Most actively traded BDO Unibank Inc. was down P2.90 to P98.50. Megaworld Corp. was up P0.15 to P2.96. Aboitiz Power Corp. was up P0.40 to P20.90. Puregold Price Club Inc. was up P1.45 to P36.95. PLDT Inc. was up P3 to P36.95. PLDT Inc. was up P3 to P1,283. Ayala Land Inc. was up P2.10 to P34.75. SM Investments Corp. was up P74 to P1,004.

International Container Terminal Services Inc. was down P1.60 to P144. SM Prime Holdings Inc. was up P2.35 to P36.25. Globe Telecom Inc. was up p15 to P1,850.

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