MANILA -The local stock market rebounded on Tuesday as buyers snapped up blue chip companies ahead of the Bangko Senral ng Pilipinas’ (BSP) upcoming policy meeting.
By the closing bell, the benchmark Philippine Stock Exchange (PSE) index added 1.01 percent, or 65.75 points, to 6,588.90 while the broader All Shares index rose 0.81 percent, or 28.26 points, to 3,519.36.
“After the two consecutive selloffs, the local bourse was able to bounce today … as the US market assesses ongoing debt ceiling negotiations. Here at home, market participants await the [BSP] interest rate decision on Thursday,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Tuesday.
BSP tipped to pause rate hikes this month
Trading activity edged higher as 2.7 billion shares valued at P5.2 billion changed hands while foreigners were net buyers to the tune of P30.8 million, stock exchange data showed.
Most PSE subsectors gained ground, save for mining and oil’s 1.27 percent decline. Holding firms rose 1.21 percent, followed by industrial (+1 percent), property (+0.94 percent), financials (+0.51 percent) and services (+0.46 percent).
Top trades
BDO Unibank Inc. was the top traded stock as it rose 0.44 percent to P136.40 per share.
Ayala Corp. was up 2.13 percent to P670; Globe Telecom, up 1.18 percent to P1,721; SM Prime Holdings Inc., up 1.21 percent to P33.40; and Ayala Land Inc., up 1.15 percent to P26.50 per share.
Bank of the Philippine Islands gained 1.36 percent to P104.10; PLDT Inc., up 0.99 percent to P1,219; Jollibee Foods Corp., up 1.53 percent to P226; GT Capital Holdings Inc., up 4.21 percent to P495; and Metropolitan Bank & Trust Co., up 0.34 percent to P59 per share.
Overall, there were 94 advancers against 91 losers while 53 companies closed unchanged.
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