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Manila Bulletin devider Business devider The Stock Market devider Stocks rise after MPIC, AboitizPower removed from PSEi

Stocks rise after MPIC, AboitizPower removed from PSEi

Published Sep 28, 2023 08:43 am

The PSEi rose again as the removal of Metro Pacific Investments Corp. (MPIC) and Aboitiz Power Corp. (AboitizPower) from the benchmark boosted trading in other stocks although profit taking tapered gains. 

The main index added 10.84 points or 0.17 percent to close at 6,385.52 although sectoral indices were equally divided. Volume declined to 778 million shares worth P5.17 billion as gainers outnumbered losers 113 to 76 with 59 unchanged. 

“It’s been a remarkable run for the local market so far as it posted its sixth straight day of gains on the strength of a mix of window dressing, technical buying, and institutional portfolio adjustments,” said China Bank Capital Managing Director Juan Paolo Colet. 

He added that, “the exit of MPI and AP from the index freed up a lot of funds that have helped drive buying across different names.”

“Philippine shares continued with their winning streak investors readied for the final trading days of what’s shaping up to be a weak month and quarter,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “back home, the local bourse rose for a sixth straight day on bargain hunting and as investors recalibrated their portfolios following the PSEi's off-cycle rebalancing.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “investors seemed to continue with their hunt for bargains with hopes pinned on the resilience of the corporate sector amid the lingering economic headwinds.”

“The session opened strong and even breached the 6,400 level intraday. However, gains were tempered as some already took profits in the second half bringing the market back to below 6,400,” he added.
 

Related Tags

Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial China Bank Capital
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