Share prices rose on the back of positive company earnings and reaction to news the Philippines was excluded from Washington’s foreign aid freeze.
The main PSEi closed near the 6,150 mark on Wednesday, gaining 80.80 points or 1.33 percent to 6,144.96. The broader All Shares rose 27.96 points or 0.77 percent to 3,668.41.
Juan Paolo Colet, managing director at ChinaBank Capital Corp., said positive company earnings stoked a fresh round of bargain hunting.
The market rose “on the back of generally positive corporate earnings results and fresh bargain hunting,” he said.
Gainers edged losers 93 to 85, with 60 stocks unchanged. Trading value reached more than P5.31 billion.
The PSEi traded “just short of the 6,200 marker” during the session, Luis Limlingan, managing director of Regina Capital and Development Corp., said.
“News that the Trump administration exempted the Philippines from its freeze on foreign aid was taken as a positive, while other regional markets continued to trade in choppy territory,” Limlingan added.
All sectors gained, except for Mining and Oil, which lost 1.52 percent, Philstocks Financial Inc. analyst Claire Alviar said.
The banking sector led gainers, up 1.56 percent, followed by property, rising 1.45 percent, she added.
Most actively traded BDO Unibank Inc. gained P3.40 to P147.90. International Container Terminal Services Inc. closed unchanged at P340. Jollibee Foods Corp. rose P9 to P268. Ayala Land Inc. shed P0.40 to P22.50. Universal Robina Corp. increased P4 to P71. SM Prime Holdings Inc. rose P0.90 to P24.40. Bank of the Philippine Islands advanced by P2 to P132. SM Investments Corp. went up P7 to P781. JG Summit Holdings Inc. added P0.70 to P17.68. Metropolitan Bank and Trust Co. rose P1.50 to P74.
