PSEi up as investors rebalance portfolios

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SHARE prices on the Philippine Stock Exchange (PSE) firmed up during the early trading Friday as investors resume buying-binge on third quarter window-dressing.

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The bellwether PSE index rose 1.04 percent or 84.48 points to 8,240.52 at noonbreak. The broader All Shares climbed 0.77 percent or 36.84 points to settle at 4,855.09.

“Participants continue to lock up profits … following the bourse’ brief stint above the 8,300 mark,” brokerage firm Regina Capital Development Corp. said.

“Most of the third quarter window dressing is caused by SM Investments Corp. (SMIC) and Ayala Corp. (AC) being aggressively bought as the two constitute around 20 percent of the index,” it added.

Conglomerate SMIC rose 3.26 percent or P28.50 at P902 apiece while AC climbed 1.54 percent or P15 at P989 per share.

The index was led higher by most sectoral indices except the Mining and Oil sector which declined by 0.34 percent.

ANGELICA BALLESTEROS

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