Blue chips push stocks to 3rd straight gain

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) extended its winning streak to three days amid firmer regional markets and as investors continued to pick large-cap listed companies.

The main index gained 16.85 points, or 0.23 percent, to close at 7,350.58 from Wednesday’s 7,333.73. Decliners edged gainers, 106 to 84, with 46 unchanged.

Save for the mining and oil as well as property indices, all other counters ended in positive territory.

Some 2.13 billion shares worth P5.53 billion changed hands, higher than the P5.16 billion last Wednesday.

The financial index emerged as the top gainer with 17.57 points or 0.97 percent to close at 1,824.08 points.

A trader said banks and financial institutions may benefit from the back-to-back rate hikes implemented by the Bangko Sentral ng Pilipinas (BSP) in May and June to curb rising inflationary pressures.

The BSP’s Monetary Board lifted benchmark rates by 25 basis points for the first time in more than three years on May 10 and was followed by another 25 basis points last June 20.

Share prices of Security Bank Corp. gained 2.37 percent followed by Ayala-led Bank of the Philippine Islands with 2.02 percent, and Metropolitan Bank & Trust Co. with 1.74 percent.

Their parent firms also gained with GT Capital Holdings at 3.82 percent followed by Ayala Corp. with 2.99 percent.

Another trader said investors continued to pick large-cap firms such as Jollibee Foods, Ayala Land, Aboitiz Power, port giant ICTSI, Megaworld Corp., JG Summit Holdings, among others.

A notable gainer was Transpacific Broadband Group International Inc. after it informed regulators that it intends to raise funds from a private placement up to 40 percent of common equity from foreign sources to be able to participate in various opportunities in the telecommunication market brought about by directive of the government to have a third telecommunication player.

Its share price jumped 37.78 percent to P0.62 per share. A total of 715.02 million shares worth P412.18 million changed hands yesterday.