MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) rallied today and was able to get above the 7200 level. The index closed at 7261.29, up by 0.48 percent. The broader all-share index is up by 0.12 percent.
All of the sub-indices are up today except for the industrial sector. The best performing sub-index is the Holdings Sub-index, which was up by 0.91 percent, followed by the Mining and Oil Sector higher by 0.78 percent.
Within the Holdings space, SM led the advance to close at 900.00 up by 2.86 percent. On the other hand, GTCAP slightly rallied as it closed higher by 2.20 percent.
DMC strongly rallied as it was up by 3.81 percent. LTG is higher by 0.55 percent to close at 18.18.
In the Mining and Oil sector, PX advanced by 4.44 percent to close at 4.70. SCC is up by 0.99 percent, and NIKL by 0.22 percent.
The most active stocks today are ALI with PHP 568.86 million in traded value, LTG with PHP 267.93 million, and JFC with PHP 251.29 million.
The significant gainers include MHC by 23.73 percent, IRC by 17.27 percent, ORE by 10.48 percent and ION by 7.62 percent.
The notable losers include JAS by 8.69 percent, HVN by 5.74 percent, VUL by 5.23 percent and MARC by 4.85 percent.
There were 116 advancers, 94 decliners while 40 names remain unchanged.
The market turnover totaled PHP 4.80 billion. Foreigners bought PHP 2.12 billion worth of Philippine equities and sold PHP 2.58 billion resulting in a net foreign selling of PHP 457.75 million.
PLDT is looking at the third quarter of the year to fire up its submarine cable link, which will connect the country to three other continents. It is called the Asia-Africa-Europe 1 (AAE) Cable System.
The project originally cost $10 million, but the company thinks it would be spending more or maybe swap its excess capacities on the side of the TransPacific. The cable link is around 25,000 kilometers long and will connect 19 countries on three continents.
Furthermore, the new technology will boost PLDT’s total international capacity to 4 terabits per second (tbps), which is significantly greater than its competition.
For this year alone, PLDT has set PHP 58 billion for its capital expenditures. For the first quarter of the year, PLDT earned a net income of PHP 6.9 billion, a 39 percent versus last year. The company targets full-year income at PHP 23-24 billion.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP16,027,690,538.30.
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