The benchmark index rose for a second straight day on Wednesday to its highest finish in 12 months, fueled by foreign buying amid continuing euphoria over last week’s surprise credit rating upgrade for the Philippines and the record performance in US equities overnight.
Then Philippine Stock Exchange index (PSEi) added 27.63 points or 0.40 percent to 6,880.44, its best finish since May 31 last year when the index closed at 7,021.95. But the wider all shares suffered minor losses, easing 1.23 points or 0.03 percent to 4,134.75.
“The momentum of last week’s breach of the 6,800 mark continued, with the PSEI testing the 6,900 psychological resistance within the first hour off the opening bell,” Accord Capital Equities Corp. analyst Justino Calaycay said.
Stock exchange data showed that net foreign buying reached P8 billion, surpassing net foreign selling of P5.15 billion.
“Philippine shares are having a good run so far this year—despite voices of concern that greeted the year in light of Yolanda’s wake,” Calaycay said. Overseas, European equities finished in the green even as violence escalated in Ukraine, while both the Dow Jones and the S&P closed at record levels.
Sectoral indices were mostly higher with only two sectors ending in the red. Mining and oil retreated 167.68 points or 1.01 percent to 16,491.72, while financials shed 12.04 points or 0.75 percent to 1,601.49.
Among the gainers, property rose 21.05 points or 0.77 percent to 2,753.73, followed by industrials which gained 73.67 points or 0.71 percent to 10,413.61. Services increased 6.56 points or 0.32 percent to end at 2,066.83, and holding firms added 2.86 points or 0.05 percent to 6,278.19.
Total value turnover expanded to P14.04 billion with 2.3 billion shares changing hands. However, decliners beat advancers, 119 to 59, while 51 stocks were unchanged.
Some of the most actively traded stocks on Wednesday were Metropolitan Bank and Trust Co., whose share price stayed at P86; Ayala Land Inc., up 1.88 percent at P32.60; Alliance Global Group Inc., down 1.68 percent at P29.30; and Philippine Long Distance Telephone Co., up 0.41 percent at P2,906.
Vista Land’s share price fell 1.24 percent to P6.36 per share from P6.44 previously.
The property company is owned by former Sen. Manuel Villar, whose name was reported to be in the list of 11 former and incumbent senators allegedly involved in the pork barrel scam masterminded by businesswoman Janet Lim-Napoles.
Asked if the former senator had knowledge or comment about any impact of the reported inclusion of his name in the pork barrel scam list on the share price of his company on Wednesday, his office said: “There’s none,” denying allegations of his involvement in the case.