Upbeat Wall Street brings good news to PH stocks

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The Philippine Stock Index (PSEi) once again benefited from the rally on Wall Street, strengthening to end at the 6,700 level on Monday.

The benchmark PSEi climbed 0.57%, or 38.18 points, to close at 6,737.84 while the broader All-Shares index rose 0.47%, or 16.71 points. , to end at 3,580.87.

“After Friday’s U.S. rally, Philippine stocks rose again, kicking off another positive week as investors celebrated signs that inflation may be peaking,” Regina Capital Development Corp’s chief sales officer said. , Luis Limlingan.

Claire Alviar, Philstocks Financial, Inc.’s deputy director for online research and engagement, said net overseas purchases of 360.11 million pesos also “helped boost the index “.

“While the market broke through and managed to stay above the 6,600 levels, some investors are accumulating at this level, especially undervalued stocks with good first-half earnings,” a- she added.

All the sub-sectors finished in the green, except for the industrial and services indices which fell by 0.01% and 0.67% respectively.

Market place

About 1.03 billion shares valued at P5.49 billion were traded. Winners edged out losers, 101-89, while 48 stocks remained unchanged.

Shares of the most actively traded conglomerate SM Investments Corp. rose 2.02% to 860 pesos each.

This was followed by: Converge ICT Solutions, down 3.55% to P18.50; Ayala Land Inc., up 2.11% to P29.10; Semirara Mining and Power Corp., up 3.65% to 42.55 PPP; Globe Telecom, up 3.57% to P2,320 after recently announcing its tower sale and leaseback agreements; and Ayala Corp., up 2.32% to 750P even after Fernando Zobel de Ayala took temporary medical leave as vice chairman, president and chief executive of the conglomerate.

Other active names were: BDO Unibank, up 1.44% to P120; SM Prime Holdings, down 0.91% to P38.10; Jollibee Foods Corp., up 0.52% to 233.20 PPP; and Security Bank, up 1.05% to P87 each. INQ

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