PSEi gets lift from positive cues abroad

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) continued to gain ground following positive developments abroad.

The PSEi rose for the second straight day, climbing by 0.41 percent or 24.92 points to end at 6,119.88.

However, the broader All Shares index finished on the opposite end, slipping by 0.11 percent or 3.94 points to 3,675.

“The PSEi corrected higher for the second straight trading day amid start of talks between the US and Russia to end the war in Ukraine,” RCBC chief economist Michael Ricafort said.

Positive cues from Wall Street also helped boost the market’s performance.

“The PSEi also gained after US stock markets slightly gained overnight by up to +0.2 percent, with the S&P 500 at new record highs, thereby supporting global stock market sentiment,” Ricafort said.

Net value turnover improved slightly to P4.81 billion yesterday from the previous day’s P4.74 billion.

Sectors were a mixed bag, with mining and oil leading those in the win column with a 4.73-percent surge.

Financials, meanwhile, posted the biggest drop at 1.05 percent.

Advancers edged out decliners, 98 to 89, while 59 issues were unchanged.

ICTSI was the session’s top traded stock, declining by 0.86 percent to P347 per share, followed by Philex Mining with a 16.82-percent jump to P5.07.

Among index members, Universal Robina Corp. recorded the highest increase at 7.12 percent to P71.50. It has reported that its chairman emeritus James Go has been acquiring common shares of the company at a price ranging from P60.8 to P67 per share from Feb. 10 to 18.

Alliance Global Group, meanwhile, lost the most, dropping by 3.33 percent to P7.25.