PSEi cracks 6,500 in ‘best’ show this year

📆 6/27/2023 3:20 AM
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The benchmark Philippine Stock Exchange index rallied over 6,500 on Monday, erasing losses over the past five sessions, on hopes the prevailing monetary tightening cycle is ending. | miguelrcamusINQ /PDI

All subsectors closed higher with industrials and holding firms leading the pack with gains of 2.47 percent and 2.4 percent, respectively.

Notable gains were also seen in Metro Pacific Investments Corp., which jumped nearly 4 percent. Metro Pacific is trading above its proposed tender offer price of P2.59 amid an ongoing review on the company’s valuation. Still, trading volume remained thin with 513.77 million shares valued at P4.3 billion changing hands. Foreigners ended mostly as buyers of a net amount of P708.3 million.

BDO Unibank Inc. was the top traded stock as it ended flat at P140 per share. It was followed by SM Investments Corp., up 2.14 percent to P929 and Metro Pacific, up 3.71 percent to P4.75. Overall, there were 100 advancers against 70 losers while 56 companies closed unchanged, data from the stock exchange showed.

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