PSEi continues rally; hits 20th record high
MANILA, Philippines - Shares gained for a fifth consecutive session despite a global downswing in stocks as investors got spooked by a debate within the US Federal Reserve, on when to end the massive stimulus program it introduced to boost the US Economy.
The Philippine Stock Exchange index gained 0.28% or 18.84 points to close at 6,667.41, while the broader all-shares index finished at 4,146.58, up by 0.03% or 1.13 points.
Wealth Securities had noted that the stimulus action of the US Fed and other central banks around the world had sparked a bull run in global stock markets. Investors today are worried what an end to that stimulus would do to their shares.
All sub-indices were in the green, except for mining and oil firms which lost 1.03% or 222.37 points to 21,344.18.
Total volume traded on Thursday reached 2.64 billion shares worth P10.81 billion.
Decliners led advancers 117-59, while shares of 38 firms remained unchanged.
Gainers on Thursday were led by SM Development Corp. (+7.57% to P9.52 apiece) amid news of a merger of SM Group's mall and property units.
The second biggest gainer in the index, and third biggest gainer overall, is Jollibee Foods Corporation, whose shares soared 5.93% to P123.30 apiece after getting buy recommendations from Maybank ATR Kim Eng and JP Morgan.
JP Morgan says strong domestic demand and the may elections will help boost Jollibee's same store sales in the Philippines this year.
Other consumer stocks that did well on Thursday's trade include Lucio Co's grocer Puregold, and the Lao family's food ingredient supplier D&L Industries. -- with Warren de Guzman, ANC